Appropriates $5 million in recurring funds for 2019-20 from the General Fund to the One North Carolina Small Business Account for the North Carolina SBIR/STTR Incentive Program and the North Carolina SBIR/STTR Matching Funds Program. 

Establishes the Community Innovation Fund in the Department of Commerce and requires that the Fund be used to award competitive grants to assist rural, small, and medium-sized communities in transitioning to a knowledge- and innovation-based economy. Appropriates $5 million in nonrecurring funds for 2019-20 from the General Fund to the Community Innovation Fund.

Effective July 1, 2019.