Bill Summaries: S706 (2015-2016 Session)

  • Summary date: Apr 1 2015 - View summary

    Enacts new Article 34 in GS Chapter 116 establishing the North Carolina Historically Black Colleges and Universities Innovation Endowment Fund (Endowment Fund) consisting of (1) moneys credited from the sale of "HBCU Innovation" special registration plates; (2) proceeds of any gifts, grants, or contributions to the state that are specifically designated for inclusion in the Fund; (3) appropriations made to it by the General Assembly; and (4) accrued interest. Provides that moneys in the Fund are to be available for expenditure only upon an act of appropriation by the General Assembly. Limits the General Assembly to appropriating moneys in the North Carolina Historically Black Colleges and Universities Endowment Fund for programs and initiatives that increase the rates of enrollment, retention, and graduation rates at the historically black colleges and universities of the University of North Carolina.

    Amends GS 20-79.4(b) to create the HBCU Innovation Special Registration Plate. Plate issuance is contingent on the receipt of at least 300 plate applications. Establishes a special plate fee of $20 and requires that $10 of that amount be transferred quarterly to the Endowment Fund. Adds the plate to those that do not have to have the First in Flight background.

    Enacts new GS 105-269.8 allowing taxpayers to contribute all or part of their income tax refund to the Endowment Fund and sets out the process for doing so. Effective for taxable years beginning on or after January 1, 2016.

    Effective July 1, 2015.