-Repeals all references to the 'state equalization assistance property tax' in the Arizona tax code (Sec. 8).
-Establishes the Department of Revenue Administrative Fund, for the purpose of collecting money from unclaimed property, to be used to cover the department's administrative expenses (Sec. 11).
-Reduces the amount of time it takes for various types of property, including wages, stocks and interests, and fees owed by insurance companies, to be officially considered 'abandoned' (Sec. 15).
-Establishes new regulations for auditing districts that own multipurpose facilities, and requires that the auditor's findings be made public (Sec. 23).
-Establishes a date of December 31, 2008 for the retroactive application of the bill's elimination of property taxes (Sec. 42).