AZ SB1488

Redirects 55% of unclaimed property monies received by the Department of Revenue to the housing trust fund established by section 41-3955, with 40% of those deposits reserved exclusively for developing housing in rural areas.

Deposits the first $2,000,000 annually into the seriously mentally ill housing trust fund established by section 41-3955.01.

Deposits the next $24,500,000 annually into the department of revenue administrative fund established by section 42-1116.01.

Maintains existing provisions for deposits into the permanent state school fund, victim compensation and assistance fund, and a separate trust fund of at least $100,000 for claims.