North Carolina bill dissolves relationship with NCInnovation and requires return of state funds and assets

Original title: Reclaim State Assets from NCInnovation.

Last action · February 21, 2025: Ref to the Com on Appropriations, if favorable, Rules, Calendar, and Operations of the House (House action)Sponsors: Harry Warren and 15 others

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What This Bill Would Do

North Carolina House Bill 154 dissolves the state's relationship with NCInnovation, requiring the nonprofit to return all state funds and assets to the State Controller within 60 days of enactment.

Why it matters

The measure transfers unallocated public money back to the state treasury while eliminating the statutory authorization for a major economic development entity.

Background

NCInnovation is a nonprofit organization established to translate academic research into commercial applications within North Carolina. context
House Bill 154 was introduced during the 2025 session of the North Carolina General Assembly and passed its initial chamber reading. context

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

NCInnovation

NCInnovation must transfer back all state-acquired funds and assets and faces statutory repeal of its governing framework.

Directly affected

State Controller

The State Controller is tasked with directing the return of funds and assets and depositing them into the General Fund.

Key Facts

NCInnovation must transfer back to the State all funds (excluding certain allowed amounts and interest) and all assets acquired with state funds.
The State Controller will facilitate the return of these funds and assets and deposit them into the General Fund.
Returned funds deposited into the General Fund do not constitute an 'appropriation made by law' under the state constitution and remain unappropriated until a subsequent legislative act.
Article 76A of Chapter 143 of the General Statutes is repealed effective 60 days after the act becomes law.

Frequently Asked Questions

What happens to the returned funds once the State Controller receives them?

The State Controller deposits the returned funds into the , where they remain unappropriated unless the General Assembly appropriates them in a later act.

When does the repeal of NCInnovation's governing statute take effect?

The repeal of Article 76A of Chapter 143 of the General Statutes takes effect 60 days after the act becomes law.

What else do you want to know?

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Where This Stands

Currently in committee. The next step in the legislative lifecycle is Floor Vote.

Procedural history

3 actions

Feb 21, 2025House
Ref to the Com on Appropriations, if favorable, Rules, Calendar, and Operations of the House
Feb 21, 2025House
Passed 1st Reading
Feb 18, 2025HouseIntroduced
Filed

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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