Sec. 2. Subject to section 1 of this chapter, a school corporation's early graduation award for a state fiscal year is the amount determined using the following formula:
STEP ONE: Determine the number of students who met the following conditions during the student's expected graduation year (as defined in IC 20-26-13-4) for the school year ending in the previous state fiscal year:
(A) The student was enrolled in the school corporation on the fall count day of ADM established under IC 20-43-4-3.
(B) The student successfully completed Indiana high school graduation requirements before the day in February fixed by the state board for the spring count of students under IC 20-43-4-3.
(C) The student was not enrolled in the school corporation on the day in February fixed by the state board for the spring count of students under IC 20-43-4-3.
STEP TWO: Multiply the STEP ONE result by:
(A) for the state fiscal year beginning July 1, 2025, and ending June 30, 2026, one thousand four hundred ninety-one dollars ($1,491); and
(B) for the state fiscal year beginning July 1, 2026, and ending June 30, 2027, one thousand four hundred ninety-seven dollars ($1,497).