The House of Delegates
gave preliminary approval Tuesday to a bill that would change the
statewide calculation of education aid, which has cost Baltimore and
several other jurisdictions money in recent years.
Baltimore
Democratic Del. Maggie McIntosh, who heads the powerful House
Appropriations Committee, introduced the bill to address what she has
called the problem of "artificial wealth" that has dragged down the
amount of school aid for which Baltimore is eligible.
The city's recent increases in its assessable property tax base
haven't been matched by revenue because many of the largest projects
that have driven Baltimore's wealth calculation are covered by
agreements with developers to forgo some property taxes to encourage
their investment.
The legislation would change the formula by
accounting for those agreements, known as tax increment financing. Over
the past year, the increasing wealth formula — along with a decrease in
student enrollment — has cost the city an estimated $24 million in state
aid.
http://www.baltimoresun.com/news/maryland/politics/bs-md-city-school-funding-20160301-story.html
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