Amends GS 105-153.7 to establish a 7% annual income tax on individual income in excess of $1 million. Excludes this tax rate from the statute's rate reduction trigger. Requires distribution of collections to the State Public School Fund for allotment by the State Board of Education to local school administrative units on a per pupil basis, less administrative expenses of collection up to $100,000, as specified. Effective for taxable years beginning on or after January 1, 2026.