HB 1024

Amends GS 116-209.25 establishing a matching program (the Program) by the State Education Assistance Authority (the Authority) for contributions to the Parental Savings Trust Fund (the Fund) for accounts opened under section 529 of the Internal Revenue Code (new subsection (e1)). The Authority will provide matching contributions of $100 for every $50 contributed by an eligible person, up to $500 per year, with a maximum of $1,500 per qualifying student. Defines eligible person (a qualified parent or interested party who is a resident of North Carolina and has a household income not exceeding 250% of the federal poverty guidelines) and qualifying student (resident of North Carolina who is 14 years of age or younger). Appropriates $180,000 in recurring funds from the General Fund to the Board of Governors of the University of North Carolina for 2026-27 to be allocated to the Authority to fund the Program. Effective July 1, 2026.