NC S608

Creates a tax credit for corporations making monetary donations to the Fund for Diversity Scholarships, with the credit equal to the donation amount.

Establishes the Fund for Diversity Scholarships under control of the State Board of Education to award scholarships for eligible students in grades 6-12 attending public schools where their race or ethnicity comprises less than 20% of the student body.

Allows taxpayers to claim the credit against income taxes under Part 1 of Article 4 or insurance gross premium taxes under Article 8B, with unused credits carried forward for five years.

Prohibits double benefits by preventing donors from deducting donations that qualify for the tax credit under other provisions of tax law.

Effective January 1, 2014, with the State Board required to report annually on scholarship awards beginning October 2014.