Requires the Revenue Laws Study Committee (Committee) to conduct a study on the costs and benefits reasonably anticipated from excluding from State income tax liability the retirement pay received by members of law enforcement with at least five years of creditable service, including increased sufficiency of retirement benefits of law enforcement retirees and State revenue losses. Requires the Committee to report its findings and any recommended legislation to the 2024 Regular Session of the 2023 General Assembly upon its convening.