NC S706

Establishes the North Carolina Historically Black Colleges and Universities Innovation Endowment Fund to support programs and initiatives that increase enrollment, retention, and graduation rates at HBCU institutions in The University of North Carolina system.

Creates an "HBCU Innovation" special registration plate available to motor vehicle owners, with the plate requiring at least 300 applications before development and displaying logos of all UNC HBCUs.

Charges a $20 additional fee for the HBCU Innovation plate, with $10 credited to the Special Registration Plate Account and $10 to the Collegiate and Cultural Attraction Plate Account.

Allows North Carolina taxpayers to contribute all or part of their income tax refund to the HBCU Innovation Endowment Fund through an election on their tax return, effective for taxable years beginning January 1, 2016.

The majority of the act becomes effective July 1, 2015, with tax contribution provisions effective January 1, 2016.