Amend CSHB 3928 by adding the following appropriately 
numbered SECTIONS to the bill and renumbering the subsequent 
SECTIONS of the bill accordingly:
	SECTION ____. Subchapter A, Chapter 171, Tax Code, is amended 
by adding Section 171.0025 to read as follows:
	Sec. 171.0025. ANNUAL RATE ADJUSTMENTS TO MAINTAIN SCHOOL 
DISTRICT MAINTENANCE AND OPERATIONS TAX RATES. (a) Beginning with 
the calendar year following the first tax year in which the average 
school district maintenance and operations tax rate is equal to or 
less than 70 cents per $100 of taxable value of property, the rates 
of the franchise tax provided by Sections 171.002(a) and (b) are 
adjusted in accordance with Subsection (c) by the percentage that 
is necessary to provide for the deposit to the credit of the 
property tax relief fund as required by Section 171.4011 of an 
amount of revenue sufficient to maintain the average school 
district maintenance and operations tax rate at the rate of 70 cents 
per $100 of taxable value of property, except that the rates of the 
franchise tax may not be increased to rates that exceed the rates 
provided by Sections 171.002(a) and (b).
	(b) The rates provided by Sections 171.002(a) and (b) must be 
adjusted under this section by equal percentages.
	(c) Not later than November 1 of each year, the Legislative 
Budget Board shall;
		(1) determine using information provided by the Texas 
Education Agency the average school district maintenance and 
operations tax rate for that year; and 
		(2) beginning in the first year in which the computation 
under Subdivision (1) indicates that the average school district 
maintenance and operations tax rate is equal to or less than 70 
cents per $100 of taxable value of property and in each subsequent 
year:
			(A) compute the new franchise tax rates as 
provided by this section;
			(B) submit the new franchise tax rates to the 
secretary of state for publication in the Texas Register; and
			(C) notify the comptroller of the applicable new 
franchise tax rates.
	(d) The new franchise tax rates computed under Subsection (c) 
take effect on the January 1 following the date the computation is 
made and apply to reports originally due on or after that date.
	(e) Section 171.003 does not apply to an increase in a 
franchise tax rate under this section.
	SECTION ____. Section 171.003(a), Tax Code, is amended to 
read as follows:   
	(a) Except as provided by Section 171.0025, an [An] increase 
in a rate provided by Section 171.002(a) or (b) takes effect only if 
approved by a majority of the registered voters voting in a 
statewide referendum held on the question of increasing the rate. 
The referendum must specify the increased rate or rates.