Defines home school in GS 115C-562.1 (definitions concerning scholarship grants to students attending nonpublic schools [Scholarship Grants]) as a nonpublic school that meets the requirements of GS Chapter 115C, Article 39, Part 3. Makes conforming changes to nonpublic school by adding in schools that meet Part 3. Defines private school. Broadens the nonpublic school entities eligible for Scholarship Grants to include home schools. Sets the Scholarship Grant rate for a home school at 25% of the average State per pupil allocation for average daily membership in the prior fiscal year. Specifies that Scholarship Funds may be used for required costs of a home school, which include books, equipment and other required items, but not tuition and fees. Makes organizational and conforming changes. Makes conforming changes to GS 115C-562.4 (identification of nonpublic schools and distribution of Scholarship Grants).

Specifies that of the obligations listed in GS 115C-562.5 (obligations of nonpublic schools accepting students that receive Scholarship Grants), only private schools are required to (1) provide criminal backgrounds to the State Education Assistance Authority (Authority) on its staff as described; (2) provide parents or guardians with annual written explanation of the student’s progress, as described; (3) contract with a CPA to perform an financial review for each school year, as described; (4) retain the described information if it accepts more than 25 students; (5) not require additional student fees because the student has a Scholarship Grant; (6) follow the specified notice requirements if the Authority finds it not to be in compliance with GS 115C-562.5 and thus ineligible to receive Scholarship Grants. Makes conforming changes. Amends the endorsement and deposit provisions of GS 115C-562.6 (Scholarship endorsement) to require scholarship grant funds awarded to eligible students to a private school to be remitted for endorsement by at least one of the student's parents/guardians. Only prevents parents or guardians of students attending private schools from designating an individual associated with the private school as the parent’s attorney-in-fact to endorse the Scholarship Grant.  

Appropriates from the General Fund to the Opportunity Scholarship Grant Fund Reserve the following amounts in additional recurring dollars for each of the following fiscal years: (1) $220 million for 2025-26; and (2) $240 million for 2026-27. Beginning with the 2027-28 year through the 2031-32 year, increases the amounts appropriated in GS 115C-562.8, as amended by SL 2024-55, from the General Fund to the Opportunity Scholarship Grant Fund Reserve (Reserve) by at least $260,000 per year, as described. For the 2032-33 year increases the appropriation from $825 million to $1.1 billion. 

Effective July 1, 2025, and applies to applications for Scholarship Grants beginning with the 2026-2027 school year.