A. The joint legislative budget committee shall:

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1. Ascertain facts and make recommendations to the legislature relating to the state budget, revenues and expenditures of the state, future fiscal needs, the organization and functions of state agencies or their divisions and such other matters incident to the above functions as may be provided for by rules of the joint legislative budget committee.

2. Implement a system of fiscal notes to apply to those bills introduced in the legislature that have a fiscal impact. These fiscal notes shall also reflect the fiscal impact of legislation on cities, counties and all other political subdivisions of the state.

3. Implement a system of fiscal notes for any rule as defined by section 41-1001 which has a fiscal impact.

4. Analyze the state tax structure, tax burdens on individuals and businesses and tax incentives for existing and prospective businesses. The analyses shall include:

(a) Projection of the impact of industry specific tax incentive proposals on the state revenue base.

(b) Comparison among states of relative tax burdens on existing and prospective businesses.

(c) Determination of reliance and incidence aspects of the tax structure of this state.

5. Implement a system of fiscal analysis that applies to those bills introduced in the legislature that involve one or more proposed changes in the tax laws. Unless it is unreasonable to do so, the fiscal analysis shall be based on assumptions that estimate the probable behavioral response of taxpayers, businesses and other citizens and shall include within the analysis a statement identifying those assumptions.

6. Adopt rules.

B. The joint legislative budget committee may:

1. Make studies, conduct inquiries and investigations and hold hearings.

2. Meet and conduct its business any place within the state during the sessions of the legislature or any recess of the legislature and in the period when the legislature is not in session.

3. Establish subcommittees from the membership of the legislature and assign to such subcommittee any study, inquiry, investigation or hearing with the right to call witnesses which the joint legislative budget committee has authority to undertake.

C. The joint legislative budget committee may obtain operational and maintenance assistance for any facility under the control of the committee without charge from the department of administration, may obtain security assistance from the department of public safety, may employ personnel to discharge operational, maintenance and security functions or may contract for outside services payable from joint legislative budget committee appropriations.

D. The joint legislative budget committee shall have the powers conferred by law upon legislative committees.

E. Members of the joint legislative budget committee shall be reimbursed by their respective houses in the same manner as is provided by law for a member of the legislature who attends a duly called meeting of a standing committee.