Senate Bill 652 Summary

• Appropriates $673.6 million to raise public school teacher salaries for 2023-2024, with monthly salaries ranging from $4,100 (0 years experience) to $6,000 (28+ years experience), plus supplements for certification and advanced degrees.

• Awards 5% salary increase effective July 1, 2023, and 3% cost-of-living adjustment effective July 1, 2024, to most state employees, community college employees, and UNC system employees (SHRA positions).

• Provides retention bonuses of $500 in November 2023 and April 2024 to eligible state and education employees, plus additional $250 bonuses in each period for those earning under $75,000 annually.

• Appropriates $22.7 million (FY 2023-24) and $36.3 million (FY 2024-25) to expand the Child Care WAGE$ program statewide to all 100 counties, providing salary supplements for early childhood educators.

• Creates refundable tax credit for small businesses with annual receipts of $8 million or less, equal to the lesser of 5% of wages paid or $10,000, effective for tax years beginning January 1, 2024, and expiring December 31, 2026.