Amends GS 115C-562.1, containing definitions applicable to scholarship grants, as follows. Amends the criteria to be an eligible student to require the child be enrolled in a nonpublic school, instead of a nonpublic school meeting the requirements of Part 1 (Private Church Schools and Schools of Religious Charter) and Part 2 (Qualified Nonpublic Schools) of Article 39 of GS Chapter 115C. Expands upon the definition of nonpublic school to include a school meeting the requirements of Part 3 (Home Schools), in addition to already included schools meeting the requirements of Parts 1 or 2. Adds and defines home school as a nonpublic school meeting the requirements of Part 3 as identified by the Division of Nonpublic Education (Division). Adds and defines private school as a school meeting the requirements of Part 1 or Part 2 as identified by the Division. Makes conforming changes to GS 115C-562.4.

Amends GS 115C-562.2 to cap the amount to be awarded to home school students at up to $1,000. Funds are required under GS 115C-562.6 to be awarded at least two times each school year.

Limits the scope of GS 115C-562.5 (obligations of school accepting eligible students receiving scholarship grants) to private schools (Private Church Schools and Schools of Religious Charter, and Qualified Nonpublic Schools). Amends reporting requirements under GS 115C-562.7 to limit reporting the following topics to information on private schools: (1) schools deemed ineligible to receive scholarships and (2) learning gains or losses of students receiving scholarship grants. 

The above provisions are effective June 30, 2023, and apply to applications for scholarship grants beginning with the 2023-24 school year.

Effective July 1, 2024, further amends GS 115C-562.2 by increasing the cap on the scholarship grant amount that may be awarded to home school students to $2,000; effective July 1, 2025, increases that amount to $3,000; and effective July 1, 2026, increases that amount to 45% of the average State per pupil allocation for average daily membership in the prior fiscal year.

Appropriates $113 million for 2023-24 from the General Fund to the UNC Board of Governors to be allocated to the State Education Assistance Authority for the purposes of this act. Appropriates $225 million for 2023-24 and $337 million in additional recurring funds for 2024-25 from the General Fund to the Opportunity Scholarship Grant Fund Reserve, for the purposes of this act.

Amends GS 115C-562.8 by increasing the amounts appropriated from the General Fund to the Opportunity Scholarship Grant Fund Reserve starting in 2025-26 from $206,540,000 to $572,540,000 through 2032-33 and thereafter from $311,540,000 to $676,540,000. Effective July 1, 2023.