Replaces everything after the enacting clause. Amends the State Property Control Act. Provides that the administrator shall require an inventory of equipment items only for those items valued in excess of (1) $500 for responsible officers of legislative branch agencies, and (2) $1,000 for all other responsible officers. Creates an exception for high theft equipment. Defines "high theft equipment". Provides that furniture with more than 10 years in service shall not be subject to reporting. Amends the State Property Control Act and the State Finance Act to make changes to the definition of "equipment" in an appropriations act or rules.