DENVER — An initiative that would lower the state’s income tax rate has made it to the November ballot with more than enough qualified signatures.
Secretary of State Jena Griswold announced the Real Fair Tax Initiative (Initiative 306) was deemed sufficient with a projected percentage of valid signatures at 112.38 percent, negating the need to hand verify all 198,538 signatures gathered.
If passed by voters in, Colorado’s flat income tax rate will go from 4.63 percent to 4.55 percent starting with the 2020 tax year.
One of the initiative’s proponents said he was just doing what Gov. Jared Polis has asked for.
“I’m just Jared Polis’ faithful foot soldier,” said Jon Caldara, president of the free-market think tank Independence Institute.* “He campaigned that he wanted a flat rate reduction in taxes. We’re doing just that for him.”