A citizen-driven initiative petition to cut both the corporate and individual income tax rates in the state of Colorado has cleared the requisite hurdles and qualified for the November ballot. Backers of Initiative 306, “State Income Tax Rate Reduction”, submitted a total of 198,538 signatures to the office of the Colorado Secretary of State this week, while less than 125,000 were required for certification. The ballot measure if passed by the voters will reduce the state’s income tax rate from the current 4.63% to 4.55%, reducing actual state revenues by an estimated $78 million in FY2020 and more than double that amount ($158.1 million in fiscal 2021). A competing Initiative 271, Fair Tax Colorado ballot measure, which would have dropped the tax rate to 4.58% up to incomes of $250,000 but raised it to 7% for incomes over that amount and 8.9% for incomes over $1 million, failed to collect enough signatures to move forward to the voters in November. Finally, Initiative 283, the Colorado Families First Campaign, submitted over 205,000 signatures for certification. This initiative creates a $1.3 billion program to provide up to 12 weeks of paid leave for employees to care for themselves or others.