Initiative 22 to ask voters for $950 million to fund public schools

DENVER - Get ready to hear about Initiative 22.

That's the name of the education funding proposal voters will likely be asked to weigh in on this fall.

Before the legislative session ended last month, state lawmakers approved a plan to ask voters for $950 million to help public schools.

The Denver Post is reporting that the money will be used to fund measures that include decreased class sizes, increased access to kindergarten and bolstered special education programs.

The measure will also repeal a section of Amendment 23 that requires funding for public education to increase by the annual rate of inflation and instead adopts a provision that sets aside a minimum of 43 percent of the state's tax revenue for K-12 schools.

Read the entire proposal in the Denver Post:

The newspaper reported that to pay for the changes, Colorado's current income tax rate of 4.63 percent would be raised to 5 percent on earnings up to than $75,000 a year and 5.9 percent for earnings above that threshold.

The ballot proposal is not a done deal. Supporters have to collect the signatures of 86,105 registered Colorado voters by Aug. 5 to get the measure on the ballot.

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