Section 1: Section 7H 1/2 of chapter 29 of the General Laws, as so appearing, is hereby amended by inserting after the definition of “Growth rate of potential gross state product” the following definition:-

“Historical growth rate in gross state product”, the long-run average annual growth rate of the commonwealth's gross state product measured over the most recent ten-year period.

Section 2: Section 7H 1/2 of chapter 29 of the General Laws, as so appearing, is hereby amended by striking the last sentence in section (b).

Section 3. Section 7H 1/2 of chapter 29 of the General Laws, as so appearing, is hereby amended by inserting the following new section:

(d) On or before January 15, the secretary of administration and finance, in consultation with the house and senate committees on ways and means, shall calculate the average annual growth rate of actual gross state product for the most recent ten-year period. The secretary shall report to the house and senate ways and means committees its methodology and results. The historical growth rate in gross state product shall be provided to the health policy commission established under chapter 6D and be made public by the executive office of administration and finance.

SECTION 4. Section 9 of Chapter 6D is hereby further amended by striking subsection (b)(3) in its entirety and replacing with the following:

(3) For calendar years 2023 and beyond, the health care cost growth benchmark shall be equal to historical growth rate in gross state product established under said section 7H 1/2 of chapter 29 of the General Laws.