Synopsis As Introduced Creates the Cost of Living Task Force Act to analyze driving factors in Illinois that may increase the costs of living, including stagnant unemployment, costs of groceries, rising consumer prices, housing, health care, utilities, transportation, and taxes. Sets forth provisions concerning membership of the Task Force. Provides that the Task Force shall elect a chairperson from among its membership and any other officer it deems appropriate. Requires the Department of Commerce and Economic Opportunity to provide technical support and assistance to the Task Force and to implement the provisions of the Act. Provides that members of the Task Force shall receive no compensation for their services on the Task Force. Requires the Task Force to meet at least once per quarter beginning as soon as practicable after the effective date of the Act. Requires the Task Force to submit a report to the General Assembly and the Governor no later than November 1, 2028 that includes legislative reforms; private sector incentives; regulatory reforms; new funding avenues; reducing taxes; and identifying current barriers and factors hurting the cost and affordability of doing business in Illinois. Dissolves the Task Force upon filing of the report.