Creates a 12-member Innovations in Education Legislative Study Commission (Commission) as title indicates. Directs the Commission to study the feasibility of giving $1,000 to every NC public school student per year beginning in grade one and through grade 12 for meeting specific academic, disciplinary, attendance, character, and parental involvement goals and benchmarks. Includes additional directives for the Commission and specifies appointment procedures. Requires an interim report to the General Assembly by the convening of the 2012 regular session and a final report to the 2013 General Assembly, at which time the Commission will terminate.

Appropriates $50,000 for 2011-12 and $50,000 for 2012-13 from the General Fund to the General Assembly to fund the work of the Commission. Effective July 1, 2011.