Bill > S706

This bill establishes the North Carolina Historically Black Colleges and Universities Innovation Endowment Fund (HBCU Innovation Fund) to support programs and initiatives aimed at increasing enrollment, retention, and graduation rates at historically black colleges and universities within The University of North Carolina. The fund will be financed through various sources, including the sale of special "HBCU Innovation" license plates, gifts, grants, contributions, and legislative appropriations, with all expenditures requiring an act of appropriation by the General Assembly. The bill also outlines the process for creating and distributing fees from these special license plates, with a portion of the revenue from the HBCU Innovation plates being transferred to the North Carolina Education Endowment Fund. Additionally, taxpayers will have the option to contribute to the HBCU Innovation Fund through their state income tax returns, either by donating a portion of their refund or making a direct contribution.