"State Taxes" designated Proposition 103
Denver, Colorado – Today Secretary of State Scott Gessler announced that proposed Initiative 25, concerning State Taxes, was found to be sufficient as required by statute. Petitions were originally submitted to the Secretary of State’s office on August 1. The Secretary of State’s office immediately began verification of a random sample of the signatures. This five-percent sample is selected by computer. The results are as follows:
Random Sample Summary
Total number of qualified signatures submitted:
Five percent of qualified signatures submitted (random sample):
Total number of entries accepted (valid) from random sample:
Total number of entries rejected (invalid) from random sample:
Number of projected valid signatures from random sample:
Total number of accepted entries necessary for placement on ballot:
Projected percentage of required valid signatures:
After review of the submitted petition sections as provided in section 1-40-116, C.R.S., Secretary of State Scott Gessler declared that a sufficient number of valid signatures have been submitted to certify the petition to the ballot.
Pursuant to section 1-5-407 (5)(a) and (5.3)(a), C.R.S., this initiative will appear as Proposition 103 on the November 1, 2011 ballot.
The Secretary of State’s office has notified the proponents the petition was deemed sufficient.
Below is the ballot language for Proposition 103, as set by the Title Board:
State taxes shall be increased $536.1 million annually in the first full fiscal year and by such amounts as are raised annually thereafter by amendments to the Colorado Revised Statutes concerning a temporary increase in certain state taxes for additional public education funding, and, in connection therewith, increasing the rate of the state income tax imposed on all taxpayers from 4.63% to 5% for the 2012 through 2016 income tax years; increasing the rate of the state sales and use tax from 2.9% to 3% for a period of five years commencing on January 1, 2012; requiring that the additional revenues resulting from these increased tax rates be spent only to fund public education from preschool through twelfth grade and public postsecondary education; specifying that the appropriation of the additional tax revenues be in addition to and not substituted for moneys otherwise appropriated for public education from preschool through twelfth grade and public postsecondary education for the 2011-12 fiscal year; and allowing the additional tax revenues to be collected, kept, and spent notwithstanding any limitations provided by law.