(a)    (1)    In this section, “nonwithholding income tax revenues” means the State share of income tax quarterly estimated and final payments with returns made by individuals, as defined in § 10–101 of the Tax – General Article.

(2)    “Nonwithholding income tax revenues” does not include:

(i)    the county share of income tax quarterly estimated and final payments with returns made by individuals;

(ii)    income tax payments made by corporations;

(iii)    income tax refunds paid to individuals or corporations; or

(iv)    income tax withholding.

(a–1)    The Board shall:

(1)    study the information that the Bureau provides; and

(2)    consider the recommendations of the Bureau.

(b)    (1)    In December, March, and September of each year, the Board shall submit to the Governor and, in accordance with § 2–1257 of the State Government Article, to the General Assembly, a report that:

(i)    contains an itemized statement of the estimated State revenues from all sources for the fiscal year following the fiscal year in which the report is made; and

(ii)    includes any recommendations of the Board.

(2)    (i)    Subject to subparagraph (ii) of this paragraph, the Governor shall state the most recent estimates of revenues reported by the Board in the proposed budget and any supplemental budget submitted to the General Assembly.

(ii)    If the Governor uses different estimates of revenues in the formulation of the proposed budget and any supplemental budget submitted to the General Assembly than those reported by the Board, a statement providing an explanation as to the differences shall be included together with those submissions.

(3)    The report required under paragraph (1) of this subsection shall include estimated revenues from nonwithholding income taxes calculated in accordance with § 6–104(e) of this subtitle.

(c)    The Board shall approve a methodology for determining the State share of nonwithholding income tax revenues for each fiscal year.