This bill proposes to update current statutes by appropriating a total of $999,000,000 from the state general fund to the state treasurer over three fiscal years (2026-2029) for distribution to eligible claimants or property owners in Phoenix. These funds are intended to compensate for damages resulting from claims related to the decrease in property values due to zoning ordinances and other actions taken by the city. The bill specifies that claimants must provide proof of a successful claim, settlement, or judgment with the city to qualify for these distributions, which will replace any direct payments from the city.

Additionally, the bill mandates a reduction in state shared revenues to the city of Phoenix by the same amount appropriated for each fiscal year, specifically $333,000,000. This reduction will first be applied to urban shared revenues, followed by state transaction privilege tax revenues. Overall, the bill aims to create a structured financial response to property value impacts while adjusting the city's revenue allocations accordingly.