North Carolina HB 154: Reclaim State Assets from NCInnovation.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
H 1
HOUSE BILL 154

Short Title: Reclaim State Assets from NCInnovation. (Public)
Sponsors: Representatives Warren, Blust, Howard, and Johnson (Primary Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
Referred to: Appropriations, if favorable, Rules, Calendar, and Operations of the House
February 21, 2025
*H154-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO DISSOLVE THE RELATIONSHIP BETWEEN THE STATE AND 2
NCINNOVATION AND TO REQUIRE NCINNOVATION TO RETURN STATE FUNDS 3
AND ASSETS. 4
The General Assembly of North Carolina enacts: 5
SECTION 1. NCInnovation shall, as if the General Assembly, by this act, dissolved 6
it pursuant to Chapter 55A of the General Statutes, transfer back to the State, after consultation 7
with, and in conformity with direction received from, the State Controller, (i) all funds, other 8
than excluded amounts and interest earned on excluded amounts, and (ii) all assets acquired with 9
State funds. 10
SECTION 2. The State Controller shall facilitate the return of transferred funds and 11
assets from NCInnovation pursuant to Section 1 of this act and shall deposit such funds into the 12
General Fund. 13
SECTION 3. The transfer and deposit of funds in the General Fund pursuant to 14
Section 2 of this act does not constitute an "appropriation made by law," as that phrase is used in 15
Section 7(1) of Article V of the North Carolina Constitution. The funds shall remain 16
unappropriated unless the General Assembly appropriates the funds in a subsequent act of the 17
General Assembly. 18
SECTION 4. Effective 60 days after this act becomes law, Article 76A of Chapter 19
143 of the General Statutes is repealed. 20
SECTION 5. This act is effective when it becomes law. 21