The State education tax is a six-mill levy on all real and personal property subject to general property taxes; the tax is collected by local tax collecting units and forwarded to the State for deposit in the State School Aid Fund. The bill provides that each parcel of property subject to the tax, that was located in a qualified local school district, would have to receive a credit against the tax levied in July 2001. The amount of the credit would be calculated by multiplying the taxable value of the property by the "applied millage rate"; the local tax collecting unit would have to reflect the credit on the July 2001 tax bill for each parcel of property. The "applied millage rate" would be the rate determined (by the State Treasurer) by dividing the "excess debt levy retirement funds" by the total taxable value of all property subject to the tax located in the qualified local school district. "Excess debt levy retirement funds" would be the amount that the qualified local school collected on or after July 1, 1997, to retire outstanding bonded indebtedness in excess of the amount necessary to retire the debt on December 1, 1998, and would include any accrued investment income, interest, and penalties on delinquent accounts.