House committee substitute to the 1st edition makes the following changes.

Changes the title of defined term net proceeds to allocated share. Expands the types of taxes referenced in per capita distribution to include net proceeds of taxes collected under Articles 40 and 42 of GS Chapter 105. Expands the types of allocated shares of net proceeds that may be allocated to a qualifying municipality to include those taxes collected under Articles 39, 40, and 42 of GS Chapter 105. Requires any qualifying municipality intending to collect an allocated share under the act in 2025 to adopt a resolution indicating its intent to do so by no later than June 30, 2025. Requires a qualifying municipality intending to collect an allocated share to adopt a resolution as described during the month of April in all other years. Specifies that an adopted resolution is effective for net proceeds distributed beginning on and after the fiscal year following the succeeding fiscal after the adoption of the resolution. Directs that if Guilford County (County) chooses the per capita distribution method, then any resolution is effective until a resolution adopted by the County’s Board of Commissioners becomes effective. Provides for discontinuation, as specified, of the distributions under the act if either the municipality no longer meets the criteria of a "qualifying municipality" or a resolution by the County choosing the per capita distribution method becomes effective. Sets forth a four-pronged method of distribution for the Secretary of Revenue (Secretary) to employ when calculating and distributing the net proceeds of the taxes specified under the act. Directs the Secretary to provide the information to assist with distributions made by the County and its municipalities to taxing districts. Removes provisions reducing the net proceeds of the tax distributed to the County and its municipalities by the amount of the net proceeds distributed to qualified municipalities under this act. Makes technical and conforming changes.