Measure to reduce Colorado’s income tax qualifies for the November ballot

Colorado voters will decide Nov. 3 whether to reduce the state income taxes they pay.

The Secretary of State’s Office announced Monday that citizen-led Initiative 306 qualified for the ballot. It would reduce the state’s income tax rate from 4.63% to 4.55%, which, if approved, is projected to reduce the state’s revenue by $78.1 million this fiscal year and $158.4 million in fiscal year 2020-21, according to an April fiscal impact statement.

It’s championed by conservative leaders Jon Caldara, president of the Independence Institute, and Sen. Jerry Sonnenberg, R-Sterling.

“Many of the people in Colorado have been without work two months, three months, four months — they need that (money) as much as anybody,” Sonnenberg said. “Government shouldn’t be growing when everybody else is tightening their belt.”

A measure from a different group that would have increased taxes on Colorado’s wealthy and reduced them for everyone else failed to make the ballot.

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