(1) There is hereby created the “Joint Committee on Economic and Tax Policy” which shall be composed of: The cochairs of the Legislative Council;
(2) The cochairs of the Joint Budget Committee;
(3) The Chair of the Senate Committee on Revenue and Taxation;
(4) The Chair of the House Committee on Revenue and Taxation;
(5) Three (3) members of the Senate appointed by the President Pro Tempore of the Senate, one (1) of whom shall be appointed Cochair of the Joint Committee on Economic and Tax Policy; and
(6) Three (3) members of the House of Representatives appointed by the Speaker of the House of Representatives, one (1) of whom shall be appointed Cochair of the Joint Committee on Economic and Tax Policy.
(7) The members shall be entitled to per diem and mileage, at the rates prescribed by law for members of interim committees of the General Assembly, to be paid from funds appropriated for paying per diem and mileage of interim committees.
(8) The Joint Committee on Economic and Tax Policy shall hear matters relating to the economic and revenue outlook of the state and information relating to the economic and fiscal impact of public policy measures, including the revenue forecasts as submitted by the Governor, and make such recommendations as it deems necessary.