Income Tax Measure Qualifies For Colorado's November Ballot

A measure to reduce Colorado's income tax rate has qualified for the state's 2020 general election ballot, the Colorado Secretary of State's office announced Monday.

Initiative 306 would reduce the state's income tax rate from 4.63 percent to 4.55 percent.

If the measure passes, Colorado's revenue in fiscal year 2020-21 would be reduced by around $158 million, according to an impact statement obtained by The Denver Post.

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The State Income Tax Rate Reduction Initiative petitioners submitted 198,538 signatures, but only needed 124,632 valid signatures to qualify, elections officials said.

After reviewing a 5 percent random sample of the submitted signatures, the Elections Division of the Secretary of State’s office projected the number of valid signatures to be 140,058 — greater than 110 percent of the total number of signatures required.