Budget & Taxes

HB 125 establishes budget operations for North Carolina's 2025-2027 fiscal biennium, primarily allocating $142 million in one-time funds for agricultural disaster relief related to 2024 crop losses. It requires recipients to first seek insurance or federal aid before using state funds, and to return state funds if alternative sources are secured. The bill directly affects farmers, institutions of higher education, and other entities receiving disaster aid, mandating transparency through reporting to the State Auditor. Crucially, it prohibits the Governor from using these disaster funds for general budget adjustments or reallocations.

SB 498 appropriates $12 million from North Carolina's General Fund to the Town of Beaufort for specific upgrades and repairs to its boat docks. The bill directs this nonrecurring funding for the 2025-2026 fiscal year, targeting infrastructure improvements at the town's waterfront facilities. It becomes effective July 1, 2025, if enacted. The bill is currently pending in the legislative process (last action: withdrawn from committee on March 26, 2025) and has not yet become law.

HB 752 establishes two new funds to support transportation infrastructure: a $50 million Rail Fund for railroad upgrades, connections, and equipment, and an Airport Fund for airport capital improvements and flight incentives. The Rail Fund prioritizes projects that boost economic growth, with 60% of annual allocations reserved for matching federal grants and 30% for planning. The Airport Fund limits 80% of funds to capital projects (like runway upgrades), 17% to attract strategic flights, and up to 20% to safety improvements. Both funds require competitive allocation based on projected job creation and economic impact, with annual reports to lawmakers. This bill directly affects rail operators, airports, and industries relying on transportation networks across North Carolina.