HARRY HUGHES, Governor

1911

(i) All students enrolled in grades 1
through 12 or their equivalent in regular day school
programs on September 30 of the previous school year and in
Baltimore County includes the students in the Lida Lee Tall
School of Towson State University;

(ii) One half of the number of students
enrolled in kindergarten programs on September 30 of the
previous school year, except that in Garrett County the full
number of kindergarten students is included; and

(iii) The number of full-time equivalent
students, as determined by a regulation of the Department,
enrolled in evening high school programs during the previous
school year.

(7) (8) "[Wealth" means the sum of net taxable
income and adjusted assessed valuation of real property.]
UTILITY PERSONAL PROPERTY" MEANS UTILITY PERSONAL PROPERTY
OWNED BY FOREIGN CORPORATIONS AT 10 PERCENT OF ASSESSED
VALUE AS OF JULY 1, 1979, 20 PERCENT AS OF JULY 1, 1980, 30
PERCENT AS OF JULY 1, 1981, AND AN ADDITIONAL 10 PERCENT AS
OF JULY 1 OF EACH SUCCEEDING YEAR UNTIL 100 PERCENT OF VALUE
IS ATTAINED; FOR CALCULATION OF STATE AID UNDER THIS
SECTION, THE PERCENTAGE OF ASSESSED VALUE AS OF JULY 1 OF
THE FIRST COMPLETED FISCAL YEAR BEFORE THE SCHOOL YEAR FOR
WHICH THE CALCULATION IS MADE SHALL BE USED.

(8) "UTILITY SHARES" MEANS UTILITY PERSONAL

PROPERTY OWNED BY DOMESTIC CORPORATIONS AT 10 PERCENT OF
ASSESSED VALUE AS OF JULY 1, 1979; 20 PERCENT AS OF JULY 1,
1980; 30 PERCENT AS OF JULY 1, 1981; AND AN ADDITIONAL 10
PERCENT AS OF JULY 1 OF EACH SUCCEEDING YEAR UNTIL 100
PERCENT OF VALUE IS ATTAINED; FOR CALCULATION OF STATE AID
UNDER THIS SECTION, THE PERCENTAGE OF ASSESSED VALUE AS OF
JULY 1 OF THE FIRST COMPLETE FISCAL YEAR BEFORE THE SCHOOL
YEAR FOR WHICH THE CALCULATION IS MADE SHALL BE USED.

(9) "WEALTH" MEANS THE SUM OF NET TAXABLE

INCOME, ADJUSTED ASSESSED VALUATION OF REAL PROPERTY,
UTILITY SHARES, AND UTILITY PERSONAL PROPERTY. WEALTH"
MEANS THE SUM OF:

(I)  NET TAXABLE INCOME;

(II)  THE ADJUSTED ASSESSED VALUATION OF
REAL PROPERTY; AND

(III) 1. 10 PERCENT OF ASSESSED VALUE OF
PERSONAL PROPERTY AS OF JULY 1, 1979;

2.  20 PERCENT OF ASSESSED VALUE OF
PERSONAL PROPERTY AS OF JULY 1, 1980;

3.  30 PERCENT OF ASSESSED VALUE OF
PERSONAL PROPERTY AS OF JULY 1, 1981;