Section 5 of chapter 214 of the acts of 2024
SECTION 5. There shall be a task force to review and make recommendations relative to: (i) the appropriate long-term level of funding for the Commonwealth Stabilization Fund established in section 2H of chapter 29 of the General Laws; (ii) the appropriate level and means of funding for long-term financial liabilities of the commonwealth; and (iii) amendments to the mechanisms that provide funding for the Commonwealth Stabilization Fund and other long-term financial liabilities, including the provisions of section 5G of said chapter 29. The task force shall review: (i) the statutory threshold for excess capital gains collections established in said section 5G of said chapter 29 in consideration of historical and estimated future capital gains collections; (ii) the disbursement percentages required under said section 5G of said chapter 29; (iii) best practices related to the funding of long-term financial liabilities among states; (iv) best practices related to the funding and size of stabilization funds among states; (v) the impacts of relevant fiscal policies on the commonwealth’s credit ratings; and (vi) any other relevant fiscal factors to ensure the most prudent use of state revenues. The task force shall consider said disbursement percentages in consideration of the relative size or funding level of the Commonwealth Stabilization Fund, the State Retiree Benefits Trust Fund established in section 24 of chapter 32A of the General Laws, the Commonwealth's Pension Liability Fund established in subsection (e) of subdivision 8 of section 22 of chapter 32 of the General Laws and other long-term financial liabilities of the commonwealth. The task force shall consist of the secretary of administration and finance, who shall serve as chair; the state treasurer or a designee; the comptroller or a designee; the commissioner of revenue or a designee; 1 individual appointed by the governor who shall be an expert in public finance and who shall be a resident of the commonwealth; and 1 individual appointed by the state treasurer who shall be an expert in state public finance. The task force shall report on its analysis and issue recommendations to the clerks of the senate and house of representatives not later than June 1, 2025 [Note: reporting date extended in subsequent legislation]