Enacts GS 136-44.41, creating the Special Economic Development Fund (Fund) within the Department of Transportation (DOT) to be administered by the Division of Rail (Division). States the purpose of the Fund is primarily for rail construction, rail improvements, industry rail connections, railcar and locomotive acquisition, and railyard construction. Permits using funds for project preparation. Describes sources, uses, and cost-sharing requirements of the Fund, capping the annual allocations from the Fund that may be used for the State match on federal grant applications at 60%, and that may be used for project preparation uses at 30%. Directs the Division to establish procedures and criteria and adopt rules for allocating funds. Requires that the procedures include specified economic projections determined by DOT and award allocations to proposals with the greatest economic impact on the State, as determined by the Department of Commerce. Permits DOT to use up to 3% of the Fund for administration of the Fund. Directs the Division to submit an initial report to the specified NCGA committees and division by March 1, 2025, and annually thereafter by December 1, as specified. 

Appropriates $100 million in nonrecurring funds from the General Fund to the Fund.