In this Capitol Report:
Proposed Initiative Reducing the State Income Tax Qualifies for 2020 General Election Ballot
The Secretary of State (SOS) announced this week that ballot initiative #306 regarding a State Income Tax Rate Reduction has obtained a sufficient number of signatures for qualification on the 2020 General Election ballot.
Initiative 306: Reduces the state income tax from 4.63% to 4.55% for taxable years beginning January 1, 2020. The proponents of this initiative led by the Independence Institute submitted 197,000 signatures which exceeds the 124,632 valid signatures needed in order to qualify for the 2020 ballot.
In its review, the Elections Division projected the number of valid signatures to be 140,058, which is greater than 110% of total signatures needed to be on the ballot. Below is a summary of the verification of the signatures:
Reminder: Initiative 271 will not be on the 2020 ballot….
Proponents of ballot initiative #271 did not secure enough signatures from voters, therefore this initiative will NOT appear on the 2020 ballot. The measure would have dramatically changed the current state income tax system by reverting the rate to the following:
- reduce current income tax rate from 4.63% to 4.58% for taxpayers earning $250,000 or less annually;
- raise the tax rate to 7.00% for taxpayers earning $250,000 to $500,000;
- raise the rate to 7.75% for those earning $500,000 to $1 million; and
- raise the rate to 8.9% for taxpayers earning above $1 million.
Please contact Loren Furman at email@example.com with any questions regarding this matter.