Organizers have shelved a ballot initiative to loosen the grip of Colorado Taxpayer’s Bill or Rights on the state’s ability to fundschools, transportation, mental health and senior services.

The executive committee of the Colorado Priorities campaign suspended the effort Monday night. The measure would have needed the signatures of at last 98,492 registered voters by Aug. 8 to get on the November ballot.

TABOR sets a revenue cap based on population and inflation. Everything over that must be refunded to taxpayers under the constitutional amendment passed by voters in 1992. Initiative 117would have allowed the state to keep that revenue.