Establishes the 10-member Joint Legislative Study Committee on Legislative Term Limits (Committee), with five members appointed by the Speaker of the House and five appointed by the President Pro Tempore of the Senate. Requires the Committee to study whether to increase legislative term lengths, whether to limit the number of terms or years a legislator may serve, public opinion on legislative term limits, and the impact in other states that term limits have on the effectiveness of legislators and legislation, cost effectiveness, and any other impacts on revenue. Sets out provisions on naming cochairs, filling vacancies, and staffing the Committee. Requires the Committee to submit a report to the President Pro Tempore of the Senate and the Speaker of the House of Representatives no later than 30 business days following the adjournment sine die of the 2017 General Assembly. Terminates the Committee upon the filing of its final report or 30 business days following the adjournment sine die of the 2017 General Assembly, whichever is earlier.