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Colorado voters will decide next year whether to further reduce the state’s income tax rate.

The Colorado Secretary of State’s Office said Nov. 18 that supporters of Initiative 31 collected enough signatures to get their question before voters in 2022. They needed at least 124,632 signatures to qualify for the ballot.

The measure is being pushed by conservatives, including Jon Caldara, who leads the Independence Institute.

The initiative seeks to reduce the income tax rate to 4.4% from 4.55%.

Nonpartisan legislative staff estimated in April that the measure would reduce state general fund revenue by $530 million in fiscal year 2022-23 and $370 million in fiscal year 2023-24.

Separately, Colorado voters are already going to see a temporary income tax rate reduction to 4.5% for the foreseeable future because the state is projected to exceed the Taxpayer’s Bill of Rights cap on government growth and spending for at least the next three fiscal years, triggering the rate reduction.

In 2020, Colorado voters approved Proposition 116, which reduced the state income tax rate to 4.55% from 4.63%.