Section 5-210 - Guaranteed Tax Base program.
§ 5-210. Guaranteed tax base program.
(a) Definitions.-
(1) In this section the following terms have the meanings indicated.
(2) "Additional education appropriation" means the difference between a county's education appropriation for the prior fiscal year and the county's local share of the foundation program calculated under § 5-202 of this subtitle.
(3) "Additional education effort" means a county's additional education appropriation divided by the county's wealth, rounded to seven decimal places.
(4) "Full-time equivalent enrollment" has the meaning stated in § 5-202 of this subtitle.
(5) "Guaranteed tax base program per pupil amount" means the lesser of:
(i) 20% of the annual per pupil foundation amount calculated under § 5-202 of this subtitle; and
(ii) The product of a county's additional education effort and the difference between guaranteed wealth per pupil and local wealth per pupil.
(6) "Guaranteed wealth per pupil" means 80% of the statewide wealth per pupil.
(7) "Local wealth per pupil" means a county's wealth divided by the county's full-time equivalent enrollment.
(8) "Statewide wealth per pupil" means the sum of the wealth of all counties divided by the statewide full-time equivalent enrollment.
(9) "Wealth" has the meaning stated in § 5-202 of this subtitle.
(b) Distribution - In general.- For fiscal year 2005 and each fiscal year thereafter, the State shall distribute guaranteed tax base grants to county boards as provided in this section.
(c) Distribution - Eligibility.- A county board is eligible to receive a guaranteed tax base grant if the county's:
(1) Additional education effort is greater than zero; and
(2) Local wealth per pupil is less than the guaranteed wealth per pupil.
(d) Distribution - Amount.- The amount of the guaranteed tax base grant shall be equal to the product of the county's guaranteed tax base program per pupil amount and the county's full-time equivalent enrollment multiplied by:
(1) 0.25 in fiscal year 2005;
(2) 0.50 in fiscal year 2006;
(3) 0.75 in fiscal year 2007; and
(4) 1.00 in fiscal year 2008 and each fiscal year thereafter.
[2002, ch. 288, § 2; 2003, ch. 21, § 7.]