-Abolishes the local government tax control board by 2009 (Sec. 25).
-Forbids property tax levy increases by civil taxing units until 2010 (Sec. 27).
-Establishes the Property Tax Reduction Trust Fund, and provides for its funding through fees from race track slot machine licenses and wagering taxes (Sec. 37).
-Provides that the Property Tax Reduction Trust Fund be used to cover the expenses of raising the state homestead credit from 20 percent to 28 percent (Sec. 37).
-Allows for county governments to increase local income tax rates (Sec. 69, 71, 87).
-Declares the act an emergency, effective immediately (Sec. 193).