Bill > S440

This bill provides the 2025 Governor's Budget for North Carolina, appropriating funds for the state's operations and various programs for the 2025-2027 fiscal biennium. Here is a summary of key provisions: This bill establishes the state's budget for the 2025-2027 fiscal years, with total General Fund appropriations of approximately $33.6 billion in fiscal year 2025-2026 and $34.3 billion in fiscal year 2026-2027. The budget covers various state departments and programs, with significant allocations to key areas such as: 1. Education: Substantial funding for public schools, community colleges, and the University of North Carolina system, including: - $12.9 billion for Public Instruction in 2025-2026 - $4.2 billion for the University of North Carolina system - A new Completion Assistance Program to support students at historically Black universities 2. Health and Human Services: $8.8 billion in 2025-2026, with focus areas including: - Child Development and Early Education - Health Benefits - Mental Health Services 3. Tax Provisions: - Maintaining the personal income tax rate at 4.25% - Maintaining the corporate income tax rate at 2.25% - Reinstating the Working Families Tax Credit at 20% of the federal earned income tax credit - Creating a new refundable Child Tax Credit - Reestablishing the Child and Dependent Care Tax Credit - Implementing a Back-to-School Sales Tax Holiday 4. State Employee Compensation: - 2% cost-of-living adjustment for state employees - $1,000 bonus for eligible state employees - Additional vacation leave credits - Labor market adjustment funds 5. Capital Improvements: - Proposing a $4 billion public school bond referendum - Funding for various state facility repairs and renovations The bill also includes provisions for various policy changes across state agencies, focusing on workforce development, education, healthcare, and government efficiency.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/S440