Contains legislative findings pertaining to corn farming and disaster relief. Directs the State Controller to transfer $89,508,792 from the State Emergency Response and Disaster Relief Fund (SERDRF) to the Department of Agriculture and Consumer Services (Department) for the 2024 Agricultural Disaster Corn Crop Loss Program (Program) to be used to assist farmers with verified losses in counties designated by USDA as agricultural disasters that occurred during 2024 in the State (hereinafter, the affected areas). Reappropriates remaining funds from the Agricultural Crop Loss Program established in Section 5.9A(c)(2) of SL 2021-180 and Section 5.4(a)(4)a. of SL 2022-74 for the Program. Allows the Department to use up to 1% of allocated funds for administrative purposes.

Establishes the following eligibility criteria:

• The person experienced a verifiable loss of corn, as a result of an agricultural disaster in 2024, and the person's farm is located in an affected area for the respective agricultural disaster.
• The corn was planted but not harvested on or before the eligibility date (i.e., the date of the disaster set forth in the Secretarial declaration for the county in which the corn is located and for which verifiable losses are claimed).

Provides a process for verification of loss through forms and documentation to report the acreage or plantings of corn crops or loss. Requires submission to the Department by no later than 45 days after the Program is effective. Allows for an additional 45-day extension for verification of corn crops where the survival level is not immediately known upon written request by the farmer that is received no later than 45 days after the Program becomes effective and approval by the Department. Provides for a sworn affidavit verifying losses.

Sets forth criteria for administering the Program pertaining to payment calculations, funds to be held in reserve for losses not fully known or calculated, and determining payees under the Program. Allows the Department to conduct audits of payees, including by obtaining relevant payee records.

Requires awarded funds to be used for agricultural production expenses and recovery of losses due to the impacts of the agricultural disaster in 2024. Requires the Department to issue guidelines and procedures to ensure that funds are expended for the purposes authorized under the Program. Directs that fund awards are subject to State and federal income tax.

Defines agricultural disaster, corn, Department, person, and program.

Provides for refund of awards by any person who received financial assistance and who either was ineligible for the assistance or who provided inaccurate information in their application. States that should a triggering event occur, the recipient forfeits the assistance awarded and that it bears interest at the statutory rate set forth in GS 105-241.21 until repaid. Provides for recoupment through a civil action by the Attorney General at the request of the Commissioner of Agriculture.

Requires the Department to submit a report to the Fiscal Research Division no later than the first of the month, six months after the Program becomes effective, and every six months thereafter until all funds are expended or the Program expires, containing, at a minimum, all of the following data:

1. The number of applicants and the county in which the person incurred the verified loss.
2. The number and amount of grants awarded.
3. The geographic distribution of the grants awarded.
4. The total amount of funding available to the Program, the total amount encumbered, and the total amount disbursed to date.
5. Any refunds made to Program.

Specifies that the Program will expire 30 months after the Program becomes effective. Directs that any unexpended or unencumbered funds will revert to SERDRF.