Senate committee substitute to the 3rd edition replaces the content of the previous edition with the following. Makes conforming changes to the act’s titles.

Amends GS 116-204 to authorize the State Education Assistance Authority (Authority) to certify and submit a list of qualifying scholarship granting organizations to the US Secretary of Treasury.

Adds new Part 8, Compliance with Requirements of Federal Tax Credit for Contributions of Individuals to Scholarhship Granting Organizations, to Article 23 of GS Chapter 116, providing as following. Enacts new GS 116-209.110 electing the State to: (1) participate in the federal tax credit established under the specified federal law for individuals who make qualified contributions to scholarship granting organizations; and (2) identify scholarship granting organizations located in this State.

Enacts new GS 116-209.111 requiring the Authority to submit to the US Secretary of Treasury, and publish on the Authority’s website, a list of scholarship granting organizations that meet the specified federal Internal Revenue Code requirements and are located in the State. Requires that the Authority certify its authority to submit the list on behalf of the State and comply with any other specified federal requirements. Allows the Authority to establish rules governing the process and documentation necessary for an entity to qualify to be listed as a scholarship granting organization. Also allows the Authority to enter into an agreement with other State agencies to meet the statute’s requirements.

Requires that the Authority comply with all federal regulations on the administration of the federal tax credit to ensure that the State is eligible to participate in taxable years beginning after December 31, 2026.

Allows qualifying scholarship granting organizations on the list to provide scholarships for any qualified elementary or secondary education expense, including home school expenses, to the extent allowed under federal law.