Titles the act the “Creating Accounts for Residents to Develop Investment and Navigate Adulthood Later Act" or the "CARDINAL Act.”  Sets forth six defined terms, including Trump Account (Individual Retirement Accounts [IRA] enacted by 26 USC 530A), eligible child (one that meets the federal statutory definition, was born in the State after December 31, 2024 and before January 1, 2029, and who resides in a household with an income level not exceeding 300% of the federal poverty guidelines).
Tasks the State Education Assistance Authority (Authority) with establishing the Supplemental State Funds for Trump Accounts Program (Program) to contribute $1,000 to every eligible child who is or becomes the beneficiary of a Trump Account that receives a contribution of funds from the Secretary of the Treasury of the United States pursuant to the federal Pilot Program. Directs the Authority to coordinate with the Department of Health and Human Services (DHHS) to verify that the beneficiary was born in the State during the required years before depositing State funds into a Trump account.
Establishes the Supplemental State Funds for Trump Accounts Trust Fund (Fund) as an institutional trust fund pursuant to GS 116-36.1, where all funds appropriated to, or otherwise received by, the Program for the award of funds must be placed. Limits use of those funds to the purposes set forth in the act, administrative costs (capped at 4% of available funds per fiscal year), and Program operations, as described.
Authorizes the Authority to adopt rules to implement the Program and to coordinate with the US Secretary of the Treasury, as necessary to ensure that State funds are deposited in the correct Trump Account of each eligible child. Designates Trump Accounts as IRA’s.
Requires the Authority to submit an annual report to the specified NCGA committee on the three matters described, starting no later than July 15, 2027. Directs the Authority to transfer $192 million that was appropriated to the Opportunity Scholarship Grant Fund Reserve (Reserve) for 2025-26 to the Fund pursuant to the Program to be used to award scholarships in 2026-27.
To the extent there are insufficient funds in 2026-27 to award opportunity scholarship grants to all eligible students applying to receive a scholarship grant in the 2026-27 school year, directs the Authority to award scholarships in the specified order of priority to students who have applied by March 1, 2026.
Effective July 1, 2026.