Contains legislative findings pertaining to agriculture in 2024. Directs the State Controller to transfer the following amounts to the State Emergency Response and Disaster Relief Fund (SERDF):

• $200 million from the Stabilization and Inflation Reserve
• $200 million from the Information and Technology Reserve
• $75 million from the Economic Development Project Reserve

Requires the transfer of $475 million from SERDF to the Department of Agriculture and Consumer Services (Department) and appropriates those funds to the Department for the 2024 Agricultural Disaster Crop Loss Program (Crop Loss Program), established below. Directs that those funds and the remaining funds from Section 5.9A(c)(2) of SL 2021-180 ($50 million appropriation for a Crop Loss Program established by that act) and Section 5.4(a)(4)a. of SL 2022-74 (additional $10 million appropriation to that Crop Loss Program) will be used to assist farmers in counties designated by the United States Department of Agriculture as agricultural disasters that occurred during 2024 in the State.

Establishes the Crop Loss Program within the Department to be used to provide financial assistance to farmers with verified losses from an agricultural disaster in this State in 2024. Allows the Department to use up to 1% of the appropriated funds for administrative costs. Sets forth the following eligibility criteria:

1. Experience of a verifiable loss of agricultural commodities as a result of an agricultural disaster in 2024, and the person's farm is located in an affected area for the respective agricultural disaster.
2. The agricultural commodity was planted but not harvested on or before January 1, 2024, or, for aquaculture commodities, the commodities were being raised on or before January 1, 2024.

Defines agricultural commodity as any crop, flowering plant, aquaculture species, fruit, grain, native grass, ornamental plant, sod, tree, or vegetable; excludes stored grain. Provides a process for verification of loss through forms and documentation deemed appropriate by the Department to verify the loss. Requires submission to the Department by no later than 30 days after the Crop Loss Program is effective. Allows for an additional 30-day extension for verification of nursery crops, fruit-bearing trees and bushes, and specialty crops where the survival level is not immediately known upon written request by the farmer that is received no later than 30 days after the Crop Loss Program becomes effective and approval by the Department. Requires awarded funds to be used for agricultural production expenses and recovery of losses due to the impacts of the agricultural disaster. Requires the Department to issue guidelines and procedures to ensure that funds are expended for the purposes authorized under the Crop Loss Program. Provides for a sworn affidavit verifying losses. Directs that fund awards are subject to State and federal income tax.

Sets forth criteria for administering the Crop Loss Program pertaining to payment calculations, funds to be held in reserve for losses not fully known or calculated, and determining payees under the Crop Loss Program. Allows the Department to conduct audits of payees, including by obtaining relevant payee records. Provides for refund of awards of any person who received financial assistance and who provided inaccurate information. Authorizes the NC Department of Revenue to engage in collections if the person does not refund the award. Contains defined terms.

Requires the Department to submit an report to the Fiscal Research Division no later than the first of the month six months after the Crop Loss Program becomes effective, and every six months thereafter until all funds are expended or the Crop Loss Program expires, containing, at a minimum, all of the following data:

1. The number of applicants by agricultural commodity and the county in which the person incurred the verified loss.
2. The number and amount of grants awarded by agricultural commodity.
3. The geographic distribution of the grants awarded.
4. The total amount of funding available to the Crop Loss Program, the total amount encumbered, and the total amount disbursed to date.
5. Any refunds made to the Crop Loss Program.

Specifies that the Crop Loss Program will expire 30 months after the Crop Loss Program becomes effective. Directs that any unexpended or unencumbered funds will revert to SERDF.