Section 5-210 - Guaranteed Tax Base program. - Maryland Statutes

§ 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.]