Senate Bill 896 - Investing in North Carolina Act

• Appropriates $886,255,297 in recurring funds for teacher salary increases for the 2024-2025 school year, with monthly salaries ranging from $4,600 (entry-level) to $6,370 (29+ years experience), plus additional supplements for certifications and advanced degrees.

• Provides a 3% cost-of-living adjustment effective July 1, 2024, for eligible state employees, community college faculty and staff, and University of North Carolina SHRA employees, with retention pay increases ranging from 1.0% to 4.5% based on years of service.

• Establishes one-time retention bonuses of $500 for all eligible state and education employees employed from November 1, 2023 to March 31, 2024, plus an additional $250 bonus for those earning $75,000 or less annually.

• Provides 2% cost-of-living increases effective July 4, 2024, for retirees in the Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System, and Legislative Retirement System, with an additional 1% one-time supplement payment between September-October 2024.

• Creates a refundable tax credit for small employers with annual receipts of $8,000,000 or less, equal to the lesser of 5% of wages paid or $10,000, effective for taxable years beginning January 1, 2025, and appropriates $36,300,000 to expand the Child Care WAGE$ program statewide.