NC H974

Establishes a Special Economic Development Fund for Airports within the Department of Transportation's Division of Aviation to fund airport capital improvements and incentivize economically strategic flights.

Allocates $200,000,000 in nonrecurring General Fund appropriations to the new fund.

Limits annual fund allocations to 80% for airport capital improvements, 17% for flight incentives, and up to 20% for airport safety improvements when necessary for economic growth.

Requires fund allocations to not exceed 50% of total project costs and reserves up to 3% of the fund for administrative expenses.

Mandates the Division submit an initial report by March 1, 2025, and annual reports by December 1 thereafter detailing fund usage, approved projects, and estimated economic impact.