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Ch. 288
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2002 LAWS OF MARYLAND
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(II) MULTIPLY THE STATEWIDE FULL-TIME EQUIVALENT
ENROLLMENT BY $1,750, WHICH IS EQUAL TO THE PRODUCT OF 0.50 AND THE
DIFFERENCE BETWEEN $4,124 AND $624;
(III) (II) MULTIPLY THE STATEWIDE FULL-TIME EQUIVALENT
ENROLLMENT BY THE AMOUNT THAT THE ANNUAL PER PUPIL FOUNDATION
AMOUNT EXCEEDS $4,124 $624, AND MULTIPLY THIS PRODUCT BY: 0.50.
1. 0.51 IN FISCAL YEAR 2003;
2. 0.52 IN FISCAL YEAR 2004;
3. 0.53 IN FISCAL YEAR 2005;
4. 0.54 IN FISCAL YEAR 2006; AND
5. 0.55 IN FISCAL YEAR 2007 AND EACH FISCAL YEAR
THEREAFTER.
(IV) (III) ADD THE THREE TWO PRODUCTS CALCULATED IN ITEMS
(I) THROUGH (III) AND (II) OF THIS PARAGRAPH, AND DIVIDE THE RESULTING SUM BY
THE SUM OF THE WEALTH OF ALL OF THE COUNTIES IN THIS STATE; AND
(V) (IV) ROUND THE RESULT OBTAINED IN ITEM (IV) (III) OF THIS
PARAGRAPH TO SEVEN DECIMAL PLACES AND EXPRESS AS A PERCENT WITH FIVE
DECIMAL PLACES.
(8) "LOCAL SHARE OF THE FOUNDATION PROGRAM" MEANS THE
PRODUCT OF THE LOCAL CONTRIBUTION RATE AND A COUNTY'S WEALTH.
[(4)] (9) "Net taxable income" means the amount certified by the State
Comptroller for the second completed calendar year before the school year for which
the calculation of State aid under this section is made, based on tax returns filed on
or before September 1 after this calendar year.
(10) "PERSONAL PROPERTY" INCLUDES:
(I) TANGIBLE PERSONAL PROPERTY;
(II) RAILROAD PROPERTY;
(III) PUBLIC UTILITY PERSONAL PROPERTY; AND
(IV) PUBLIC UTILITY SHARES MEANS ALL PROPERTY CLASSIFIED AS
PERSONAL PROPERTY UNDER § 8-101(C) OF THE TAX - PROPERTY ARTICLE.
[(5)] (11) "Real property" includes:
(i) Any interest in land or improvements to land;
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(ii) Land and nonoperating property of railroads and public
utilities; and
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- 2170 -
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