(2) “CCR per pupil amount” means:

(i) For fiscal year 2022, $517; and

(ii) For each fiscal year thereafter, the CCR per pupil amount in the prior fiscal year increased by the inflation adjustment.

(3) “CCR program amount” means, for each county, the product of the total number of CCR students in the prior school year and the CCR per pupil amount.

(4) “CCR student” means a student who is college and career ready, as demonstrated by having met the college and career readiness standard adopted by the State Board under § 7-205.1 of this article.

(5) “Local share” means, for each county, the result of the CCR program amount minus the State share rounded to the nearest whole dollar.

(6) “State share” means, for each county, the result, rounded to the nearest whole dollar, of the following calculation multiplied by 0.5:

(i) Multiply the CCR per pupil amount by the number of CCR students;

(ii) Divide the result calculated under item (i) of this paragraph by the ratio, rounded to seven decimal places, of local wealth per pupil to statewide wealth per pupil; and

(iii) Multiply the result calculated under item (ii) of this paragraph by the result, rounded to seven decimal places, that results from dividing the total program amount by the sum of all of the results calculated under item (ii) of this paragraph for all counties.

(7) “Total program amount” means the product of the CCR per pupil amount and the number of CCR students in the State.

(b) (1) Each fiscal year, the State shall distribute the State share of the CCR program amount to each county board.

(2) Each fiscal year, the county board shall distribute to each school the minimum school funding amount for college and career readiness calculated under § 5-234 of this subtitle.