Amends GS Chapter 115C, adding a new Article 32E, to establish the North Carolina Education Endowment Fund (Fund). Describes the Fund as a special fund that consists of (1) money credited to it under GS 20-81.12, as amended in this act, from the sale of special registration plates to support public school teachers; (2) proceeds from any gifts, grants, or contributions to the state that are specifically designated for inclusion in the Fund; (3) appropriations made to the Fund by the General Assembly; and (4) interest that accrues to the Fund. Provides that money in the Fund is to be made available only via an appropriation by the General Assembly. Requires that the General Assembly can only appropriate money from the Fund for teacher compensation directly related to improving student academic outcomes in the public schools of the state.

Amends GS 20-79.4(b) with a new subdivision (251) to provide that the Division of Motor Vehicles (DMV) is to issue a special registration plate with the logo, "I SUPPORT TEACHERS" written in white chalk on a gray chalkboard background and an image of a red apple with the letters "ABC" appearing in white chalk over the apple.

Amends GS 20-81.12(b12) to require that the DMV receive more than 300 applications for the I Support Teachers plate before the plate may be developed. Directs the DMV to make a quarterly transfer of the money in the Collegiate and Cultural Attraction Plate account derived from the sale of the I Support Teachers plates to the Fund established under new GS 115C-472.16.

Repeals Article 32C of GS Chapter 115C, which previously established the fund for reduction in class size of public schools.

Amends GS 105-153.5(b) to add a new subdivision (10) allowing a taxpayer, in calculating North Carolina taxable income, to make a deduction from the taxpayer's adjusted gross income the amount of a contribution during the taxable year to the Fund. Prohibits making a deduction under this subdivision for amounts deducted as an itemized charitable deduction under this section.

Amends GS 105-130.9 to make contributions by any corporation allowed under subdivision (2) of this section as a deduction applicable to the Fund created under GS 115C-472.16.

Enacts GS 105-269.7 to permit any taxpayer entitled to a refund of taxes under Article 4 of GS Chapter 105 or any taxpayer who wants to make a contribution to elect to contribute all or part of the refund or make a contribution to the Fund established under GS 115C-472.16. Directs the Secretary to provide appropriate language and space on the state income tax form in which to make the election or contribution. Effective for taxable years beginning on or after January 1, 2014.

Except as otherwise indicated, this act becomes effective July 1, 2014.