(a)(1) In this section the following words have the meanings indicated.
(2)“Blueprint for Maryland’s Future Fund estimate” means the estimate of revenues to be distributed to the Blueprint for Maryland’s Future Fund established under § 5–206 of this subtitle by the Board of Revenue Estimates as required by § 6–106 of the State Finance and Procurement Article.
(3)“General Fund estimate” means the estimate of General Fund revenues by the Board of Revenue Estimates as required by § 6–106 of the State Finance and Procurement Article.
(b)Beginning December 1, 2024, and each December 1 thereafter, for fiscal year 2026 and each fiscal year thereafter, if there is a cumulative reduction in the December General Fund estimate and the Blueprint for Maryland’s
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(a) (1) In this section the following words have the meanings indicated.
(2) “Blueprint for Maryland’s Future Fund estimate” means the estimate of revenues to be distributed to the Blueprint for Maryland’s Future Fund established under § 5–206 of this subtitle by the Board of Revenue Estimates as required by § 6–106 of the State Finance and Procurement Article.
(3) “General Fund estimate” means the estimate of General Fund revenues by the Board of Revenue Estimates as required by § 6–106 of the State Finance and Procurement Article.
(b) Beginning December 1, 2024, and each December 1 thereafter, for fiscal year 2026 and each fiscal year thereafter, if there is a cumulative reduction in the December General Fund estimate and the Blueprint for Maryland’s Future Fund estimate in the December Board of Revenue Estimates report for that fiscal year that is at least 3.75% below the March General Fund estimate in the March Board of Revenue Estimates report for that fiscal year, notwithstanding any other provision of law:
(1) Per pupil formula increases in major education aid required under this subtitle shall be 0%; and
(2) Any additional funding increases required under this subtitle shall be limited to 0%.
(c) The Governor shall include the limitation on increases required under subsection (b) of this section in the annual budget bill in the General Assembly session immediately following the December Board of Revenue Estimates report.