A proposal to raise taxes by $3 billion over five years to help fund Colorado’s education system will be on the November ballot, Secretary of State Scott Gessler said Wednesday.
The idea from Democratic state Sen. Rollie Heath would raise the sales and use tax rate to 3 percent, up from 2.9 percent, and raise the state’s individual and corporate tax rates to 5 percent, up from 4.63 percent. The increases would be in effect from 2012 to 2017.
“I think we got a real shot at getting this done,” said Heath, a Boulder senator. He said he decided to ask for the tax increases because of repeated cuts to the state’s education budget in recent years.