There shall be a special task force to review and report on the economic impact of loan forgiveness programs to ensure that college graduates stay, work, and build businesses in Massachusetts. The task force shall consist of 13 members: the house and senate chairs of the joint committees on economic development and emerging technologies and higher education, or their designees, who shall serve as the co-chairs of the task force; a member of the general court appointed by the senate minority leader; a member of the general court appointed by the house minority leader; the executive director of the Massachusetts Workforce Development Board, or a designee; the executive director of the Massachusetts Technology Collaborative, or a designee; and 5 persons to be appointed by the secretary of labor and workforce development, 1 of whom shall be an employee of the commonwealth in the office of the secretary of labor and workforce development, 2 of whom shall be selected from a list of 5 persons nominated by the Massachusetts Business Roundtable, and 2 of whom shall be selected from a list of 5 persons nominated by the chancellor of the university of Massachusetts.

The task force shall: (i) identify and review the state laws, regulations, and administrative directives that prescribe loan forgiveness; (ii) identify the key labor sectors that would best benefit from grants and fellowships within the commonwealth; (iii) require the department of labor and workforce development to submit reports to the legislature it obtains from banks and technology companies; and (iv) develop recommendations to establish legislative procedures to provide funding, regulate, and grant loan forgiveness to eligible applicants.

The task force shall submit a report, including any draft legislation and regulations, to the clerks of the house of representatives and the senate within 12 months of the passage of this act.