Allows a qualifying municipality [a municipality in Guilford County that does not levy ad valorem taxes and does not receive a distribution under GS 105-472(b)(2) (distribution of tax proceeds from the local sales and use tax using the ad valorem distribution method] to receive distributions of net proceeds during in year in which the Guilford County Board of Commissioners (Board) chooses the ad valorem distribution method. Defines net proceeds as the produce of a qualifying municipality’s per capita distribution multiplied by 25%. In order to be effective, requires the council of the qualifying municipality to adopt a resolution indicating its intent to receive net proceeds in accordance with this act and deliver a certified copy of the resolution to the Secretary in Raleigh. The resolution remains effective until (1) the municipality no longer meets the criteria of a qualifying municipality, or (2) the Board choses the per capita distribution method, after which time the municipality must adopt and submit a new resolution. Reduces 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. Specifies that ad valorem taxes levied by any service or fire district located within a qualifying municipality does not prohibit that municipality from receiving net proceeds under this act.