Check the following knowledgebase article entitled "How to upgrade databases in Sage 500 ERP" article id # 17541. The document has information about upgrade paths for Sage 500 and also for SQL Server versions.

The short answer is yes. The native upgrade works for three versions. So from 7.40 you can upgrade directly to 7.50 (2013), 7.60 (2014), or 7.70 (2016). If you were on any version prior to 7.40 you would need to do an interim upgrade from that older version to at least v.7.40 to upgrade to 2016.