North Carolina 2025 Session Status: In Committee 7 D cosponsors

SB 651 — The Hustle Act.

Last action — Passed 1st Reading

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the Senate. Introduced March 25, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Prognosis

Stalled 26% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 7 sponsors

    2 primary, 5 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (7 D).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

51 added · 52 removed

Plain-language change summary

The amended version of SB 651 introduces specific guidelines for the North Carolina MWBE (Minority and Women-Owned Business Enterprises) Growth Fund, emphasizing its goal to provide equity and near-equity capital to growth-stage businesses in this category. It also clarifies that the board responsible for the fund will appoint members for four-year terms, ensuring consistency and leadership over time. These changes are significant as they aim to enhance the support and stability for minority and women-owned businesses, which can lead to stronger economic growth in the state.

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FILED SENATE GENERAL ASSEMBLY OF NORTH CAROLINA Mar 25, 2025 S.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2025 S 1 SENATE BILL 651 Short Title:
651 SESSION 2025 PRINCIPAL CLERK S D SENATE BILL DRS45323-MC-153 Short Title:
A BILL TO BE ENTITLED AN ACT HELPING UNDERSERVED SMALL-BUSINESS TRIUMPH THROUGH LENDING ENHANCEMENT.
Rules and Operations of the Senate March 26, 2025 A BILL TO BE ENTITLED AN ACT HELPING UNDERSERVED SMALL-BUSINESS TRIUMPH THROUGH LENDING ENHANCEMENT.
(5) North Carolina has an opportunity to strengthen its economy by implementing a coordinated strategy to expand capital access for small businesses and MWBEs.
(5) North Carolina has an opportunityto strengthen its economybyimplementing a coordinated strategy to expand capital access for small businesses and MWBEs.
*DRS45323-MC-153* General Assembly Of North Carolina Session 2025 (5) Growth-stage business.
*S651-v-1* General Assembly Of North Carolina Session 2025 (5) Growth-stage business.
– There is established the Small Business Capital Access Oversight Board to provide strategic guidance for the Program by (i) reviewing and approving programguidelinesdevelopedbytheOffice;(ii)monitoringprogramperformanceandoutcomes;
– There is established the Small Business Capital Access Oversight Board to provide strategic guidance for the Program by (i) reviewing and approving program guidelinesdevelopedbytheOffice;(ii)monitoringprogramperformanceandoutcomes;
provided that, initial appointments, as determined by the Board, shall be staggered to ensure at least two members are appointed annually.
provided that, initial appointments, as determined bythe Board, shall be staggered to ensure at least two members are appointed annually.
Page 2 DRS45323-MC-153 General Assembly Of North Carolina Session 2025 (6) Two members appointed by the General Assembly upon recommendation of the Speaker of the House of Representatives, including one representative of achamberofcommerceorbusinessassociation;andonesmallbusiness owner from an urban county.
Page 2 Senate Bill 651-First Edition General Assembly Of North Carolina Session 2025 (6) Two members appointed by the General Assembly upon recommendation of the Speaker of the House of Representatives, including one representative of achamberofcommerceorbusinessassociation;andonesmallbusiness owner from an urban county.
(2) The North Carolina MWBE Growth Fund shall function to provide equity and near-equitycapitaltogrowth-stageMWBEs.RequiredguidelinesfortheFund include, but are not limited to, the following:
(2) The North Carolina MWBE Growth Fund shall function to provide equityand near-equitycapitalto growth-stageMWBEs.RequiredguidelinesfortheFund include, but are not limited to, the following:
(ii) focus on assisting businesses with proven business DRS45323-MC-153 Page 3 General Assembly Of North Carolina Session 2025 models seeking growth capital;
(ii) focus on assisting businesses with proven business Senate Bill 651-First Edition Page 3 General Assembly Of North Carolina Session 2025 models seeking growth capital;
Page 4 DRS45323-MC-153 General Assembly Of North Carolina Session 2025 4.
Page 4 Senate Bill 651-First Edition General Assembly Of North Carolina Session 2025 4.
DRS45323-MC-153 Page 5 General Assembly Of North Carolina Session 2025 d.
Senate Bill 651-First Edition Page 5 General Assembly Of North Carolina Session 2025 d.
– Anindividualorbusiness thatcontrols,is controlled by, oris under common control with another individual or business.
– Anindividualorbusiness thatcontrols,is controlled by,oris under common control with another individual or business.
– A corporation, partnership, limited liability company, association, or sole proprietorship operated for profit.
– A corporation, partnership, limited liabilitycompany, association, or sole proprietorship operated for profit.
– A business that (i) is registered with the Secretary of State under G.S.
– A business that (i) is registered with the Secretaryof State under G.S.
105-163.013, (ii) has received during the current year or any of the Page 6 DRS45323-MC-153 General Assembly Of North Carolina Session 2025 preceding three years assistance from the Office of Small Business Capital Access pursuant to G.S.
105-163.013, (ii) has received during the current year or anyof the Page 6 Senate Bill 651-First Edition General Assembly Of North Carolina Session 2025 preceding three years assistance from the Office of Small Business Capital Access pursuant to G.S.
§§ 78a, et seq., or its wholly owned subsidiary, (iii) an investment company as defined in the Investment CompanyActof1940,15U.S.C.§§80a-1,etseq.,whetherornotitisrequired to register under that act, (iv) a small business investment company as defined in the Small Business Investment Act of 1958, 15 U.S.C.
§§ 78a, et seq., or its wholly owned subsidiary, (iii) an investment company as defined in the Investment CompanyActof1940,15U.S.C.§§80a-1,etseq.,whetherornotitisrequired to register under that act, (iv) a small business investment companyas defined in the Small Business Investment Act of 1958, 15 U.S.C.
A domestic or foreign corporation that (i) is tax-exempt pursuant to section 501(c)(3) of the Code, (ii) has as its principal purpose the stimulation of the development of the biotechnology industry, and (iii) in furtherance of that purpose has received, or is a successor in interest to an organization that has received, direct appropriations from the State in at least three fiscal years.
A domestic or foreign corporation that (i) is tax-exempt pursuant to section 501(c)(3) of the Code, (ii) has as its principal purpose the stimulation of the development of the biotechnologyindustry, and (iii) in furtherance of that purpose has received, or is a successor in interest to an organization that has received, direct appropriations from the State in at least three fiscal years.
DRS45323-MC-153 Page 7 General Assembly Of North Carolina Session 2025 III.
Senate Bill 651-First Edition Page 7 General Assembly Of North Carolina Session 2025 III.
105-163.013, and (ii) has received during the current yearoranyofthepreceding threeyearsagrant, aninvestment, orother funding from a federal agency under the Small Business Innovation Research Program administered by the United States Small Business Administration or from a granting entity as defined in this section.
105-163.013, and (ii) has received during the current yearoranyoftheprecedingthree yearsa grant, an investment, orother funding from a federal agency under the Small Business Innovation Research Program administered by the United States Small Business Administration or from a granting entity as defined in this section.
It has been certified by a constituent institution of The University of North Carolina or a research university as currently performing under a licensing agreement with the institution or university for the purpose of commercializing technology developed at the institution or university.
It has been certified by a constituent institution of The University of North Carolina or a research university as currently performing under a licensing agreement with the institution or universityfor the purpose of commercializing technology developed at the institution or university.
– A business that is involved in or related to the brokerage, selling, purchasing, leasing, operating, or managing of hotels, motels, nursing homes or other lodging facilities, golf courses, sports or social clubs, restaurants, storage facilities, or commercial or residential lots or buildings is a real estate-related business, except that a real estate-related business does not include (i) a business that purchases or leases real estate from others for the purpose of providing itself with facilities from which to Page 8 DRS45323-MC-153 General Assembly Of North Carolina Session 2025 conduct a business that is not itself a real estate-related business or (ii) a business that is not otherwise a real estate-related business but that leases, subleases, or otherwise provides to one or more other persons a number of square feet of space which in the aggregate does not exceed fifty percent (50%) of the number of square feet of space occupied by the business for its other activities.
– A business that is involved in or related to the brokerage, selling, purchasing, leasing, operating, or managing of hotels, motels, nursing homes or other lodging facilities, golf courses, sports or social clubs, restaurants, storage facilities, or commercial or residential lots or buildings is a real estate-related business, except that a real estate-related business does not include (i) a business that purchases or leases real estate from others for the purpose of providing itself with facilities from which to Page 8 Senate Bill 651-First Edition General Assembly Of North Carolina Session 2025 conduct a business that is not itself a real estate-related business or (ii) a business that is not otherwise a real estate-related business but that leases, subleases, or otherwise provides to one or more other persons a number of square feet of space which in the aggregate does not exceed fifty percent (50%) of the number of square feet of space occupied by the business for its other activities.
105-163.013(b)(4) if (i) its gross revenues derived from all activities described in that subdivision exceed twenty-five percent (25%) of its gross revenues in any fiscal year or (ii) it is established as oneofits primarypurposes to engagein anyactivitiesdescribed in that subdivision, whether or not its purposes were stated in its articles of incorporation or similar organization documents.
105-163.013(b)(4) if (i) its gross revenues derived from all activities described in that subdivision exceed twenty-five percent (25%) of its gross revenues in any fiscal year or (ii) it is established as oneofits primarypurposes to engage in anyactivitiesdescribed in that subdivision, whether or not its purposes were stated in its articles of incorporation or similar organization documents.
– No credit is allowed under this section for a purchase of equity securities or subordinated debt if a broker's fee or commission or other similar remuneration is paid or given directly or indirectly for soliciting the purchase.
– No credit is allowed under this section for a purchase of equitysecurities or subordinated debt if a broker's fee or commission or other similar remuneration is paid or given directly or indirectly for soliciting the purchase.
105-163.012, an individual eligible investor who purchases the equity securities or subordinated debt of a qualified businessan eligible business directly from that business is allowed as a credit against the tax imposed by Part2 of this Article for the taxable year an amount equal to twenty-five percent (25%) of the amount invested.
105-163.012, an individual eligible investor who purchases the equity securities or subordinated debt of a qualified businessan eligible business directly from that business is allowed as a credit against the tax imposed byPart 2 of this Article for the taxable year an amount equal to twenty-five percent (25%) of the amount invested.
The credit may not be taken for the year in which the investment is made but may be taken for the taxable year beginning during the calendar year in which the application for the credit becomes effective as provided in subsection (c) of this section.
The credit may not be taken for the year in which the investment is made but maybe taken for the taxable year beginning during the calendar year in which the application for the credit becomes effective as provided in subsection (c) of this section.
105-163.012, a pass-through entity that purchases the equity securities or subordinated debt of a qualified business directly from the business is eligible DRS45323-MC-153 Page 9 General Assembly Of North Carolina Session 2025 for a tax credit equal to twenty-five percent (25%) of the amount invested.
105-163.012, a pass-through entity that purchases the equitysecurities or subordinated debt of a qualified business directlyfrom the business is eligible Senate Bill 651-First Edition Page 9 General Assembly Of North Carolina Session 2025 for a tax credit equal to twenty-five percent (25%) of the amount invested.
Each individual who is an owner of a pass-through entity is allowed as a credit against the tax imposed by Part 2 of this Article for the taxable year an amount equal to the owner's allocated share of the credits for which the pass-through entity is eligible under this subsection.
Each individual who is an owner of a pass-through entity is allowed as a credit against the tax imposed byPart 2 of this Article for the taxable year an amount equal to the owner's allocated share of the credits for which the pass-through entity is eligible under this subsection.
The aggregate amount of credit allowed an individual for one or more investments made in a single taxable year under this Part, whether directly or indirectly as owner of a pass-through entity, may not exceed fifty thousand dollars ($50,000).
The aggregate amount of credit allowed an individual for one or more investments made in a single taxable year under this Part, whether directlyor indirectlyas owner of a pass-through entity, may not exceed fifty thousand dollars ($50,000).
An application is effective for the year in which it is timely filed.
An application is effective for the year in which it is timelyfiled.
Page 10 DRS45323-MC-153 General Assembly Of North Carolina Session 2025 (d) The taxpayer's basis in the equity securities or subordinated debt acquired as a result ofan investment in aqualifiedan eligiblebusiness shall bereducedforthepurposes ofthis Article by the amount of allowable credit.
Page 10 Senate Bill 651-First Edition General Assembly Of North Carolina Session 2025 (d) The taxpayer's basis in the equity securities or subordinated debt acquired as a result ofan investment in aqualifiedan eligiblebusiness shall bereducedforthepurposes ofthis Article by the amount of allowable credit.
Offering any form of entertainment, amusement, recreation, or athletic or fitness activity for which an admission or a membership is charged.
Offeringanyform of entertainment, amusement, recreation, or athletic or fitness activity for which an admission or a membership is charged.
DRS45323-MC-153 Page 11 General Assembly Of North Carolina Session 2025 Failure of a qualified business venture to renew its registration by the applicable deadline shall result in revocation of its registration effective as of the next day after the renewal deadline, but shall not result in forfeiture of tax credits previously allowed to taxpayers who invested in the business except as provided in G.S.
Senate Bill 651-First Edition Page 11 General Assembly Of North Carolina Session 2025 Failure of a qualified business venture to renew its registration by the applicable deadline shall result in revocation of its registration effective as of the next dayafter the renewal deadline, but shall not result in forfeiture of tax credits previously allowed to taxpayers who invested in the business except as provided in G.S.
A qualified business venture may apply to have its registration reinstated by the Secretary of State by filing an application for reinstatement, accompanied by the reinstatement application fee and a late filing penalty of one thousand dollars ($1,000), within 30 days after receipt of the revocation noticefromtheSecretary ofState.
A qualified business venture may apply to have its registration reinstated by the Secretary of State by filing an application for reinstatement, accompanied by the reinstatement application fee and a late filing penalty of one thousand dollars ($1,000), within 30 days after receipt of the revocation noticefromtheSecretaryofState.
Abusiness that seeks approval ofa new application for registration after its registration has been revoked must also pay a penalty of one thousand dollars ($1,000).
Abusiness thatseeks approval ofa new application for registration after its registration has been revoked must also pay a penalty of one thousand dollars ($1,000).
A business that seeks approval of a new application for registration after its registration has been revoked must also pay apenalty of one thousand dollars ($1,000).
A business that seeks approval of a new application for registration after its registration has been revoked must also paya penaltyof one thousand dollars ($1,000).
No credit is allowed under this Part Page 12 DRS45323-MC-153 General Assembly Of North Carolina Session 2025 for an investment made before the effective date of the registration or after the registration is revoked.
No credit is allowed under this Part Page 12 Senate Bill 651-First Edition General Assembly Of North Carolina Session 2025 for an investment made before the effective date of the registration or after the registration is revoked.
The Secretary ofStateshall not revoketheregistrationof abusiness solely because it ceases business operations for an indefinite period of time, as long as the business renews its registration each year as required under this section.
The Secretary ofStateshall not revoketheregistrationof abusiness solelybecause it ceases business operations for an indefinite period of time, as long as the business renews its registration each year as required under this section.
DRS45323-MC-153 Page 13 General Assembly Of North Carolina Session 2025 (a) Participation in Business.
Senate Bill 651-First Edition Page 13 General Assembly Of North Carolina Session 2025 (a) Participation in Business.
For the purpose of this section, a taxpayer participates in the operation of a qualifiedan eligible business if the taxpayer, the taxpayer's spouse, parent, sibling, or child, or an employee of any of these individuals or of a business controlled by any of these individuals, provides services of any nature to the qualified eligible business for compensation, whether as an employee, a contractor, orotherwise.However,apersonwhoprovidesservicestoaqualifiedaneligiblebusiness,whether as an officer, a member of the board of directors, or otherwise does not participate in its operation if the person receives as compensation only reasonable reimbursement of expenses incurred in providing the services, participation in a stock option or stock bonus plan, or both.
For the purpose of this section, a taxpayer participates in the operation of a qualifiedan eligible business if the taxpayer, the taxpayer's spouse, parent, sibling, or child, or an employee of any of these individuals or of a business controlled byany of these individuals, provides services of any nature to the qualified eligible business for compensation, whether as an employee, a contractor, orotherwise.However,apersonwhoprovidesservicestoaqualifiedaneligiblebusiness,whether as an officer, a member of the board of directors, or otherwise does not participate in its operation if the person receives as compensation only reasonable reimbursement of expenses incurred in providing the services, participation in a stock option or stock bonus plan, or both.
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In addition, if the redemption amount is less than the amount invested by the taxpayer in the securities to which the redemption is attributable, the amount of the credit that is forfeited is further reduced by multiplying it by a fraction whose numerator equals the redemption amount and whose denominator equals the aggregate amount invested by the taxpayer in the securities involved in the redemption.
In addition, if the redemption amount is less than the amount invested bythe taxpayer in the securities to which the redemption is attributable, the amount of the credit that is forfeited is further reduced by multiplying it by a fraction whose numerator equals the redemption amount and whose denominator equals the aggregate amount invested bythe taxpayer in the securities involved in the redemption.
– Forfeiture of a credit does not occur under this section if a qualified business venture that engages primarily in motion picture film production Page 14 DRS45323-MC-153 General Assembly Of North Carolina Session 2025 makes a redemption with respect to securities received in an investment and the following conditions are met:
– Forfeiture of a credit does not occur under this section if a qualified business venture that engages primarily in motion picture film production Page 14 Senate Bill 651-First Edition General Assembly Of North Carolina Session 2025 makes a redemption with respect to securities received in an investment and the following conditions are met:
– If any provision of this act or its application is held invalid, the invalidity does not affect other provisions or applications of this act that can be given effect without the invalid provisions or application, and to this end the provisions of this act are severable.
– If any provision of this act or its application is held invalid, the invaliditydoes not affect other provisions or applications of this act that can be given effect without the invalid provisions or application, and to this end the provisions of this act are severable.
DRS45323-MC-153 Page 15
Senate Bill 651-First Edition Page 15
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Action History

  1. Passed 1st Reading

  2. Ref To Com On Rules and Operations of the Senate

  3. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 5 co-sponsors · 172 not signed on

Sponsors (2)

Co-sponsors (5)

Not signed on (172)

172 members have not signed on to this bill.

Show all 172 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance labor agriculture
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 651?
SB 651 is sponsored by Joyce Waddell (Democratic), Natalie S. Murdock (Democratic), Woodson Bradley (Democratic), DeAndrea Salvador (Democratic), Sydney Batch (Democratic), Michael Garrett (Democratic), and Kandie D. Smith (Democratic).
What is the current status of SB 651?
This bill is in committee in the Senate. Introduced March 25, 2025. It must pass committee before a floor vote.
Where can I track SB 651?
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