Here are the results of 6 tax initiatives on state ballots
The office of the president wasn’t the only thing on ballots this week. Four states also featured state-level ballot measures on income, property, and retail tax.
Here are the states that voted on these measures and how they turned out.
Arizona
Proposition 208: This measure adds a new tax for high-income residents to help fund education. If passed, single taxpayers earning more than $250,000 or joint filers with income above $500,000 will pay a new 3.5% in income tax, adding to the existing income tax of 4.5%. That money will go to teacher and classroom support staff salaries, teacher mentoring and retention programs, career and technical education programs, and the Arizona Teachers Academy.
Did it pass? With 98% of precincts reporting in the state, it looks good for the measure with 52.56% voting in favor of the measure and 47.44% against it, according to the latest information from Ballotpedia.org.
Arkansas
Issue 1: This measure continues the 0.5% sales tax that funds the state’s transportation infrastructure, including highways, roads, streets, and bridges. Originally, the sales tax was supposed to expire in 2023.
Did it pass? Yes.
California
Proposition 19: This measure lets homeowners transfer their tax assessments anywhere within the state and to a more expensive home with an adjustment upward. This will increase the number of times someone over age 55 or those with severe disabilities can transfer their tax assessments. It also requires inherited homes that are not primary residences to be reassessed at market value when passed on to a new owner. The additional revenue or net savings from the initiative goes to helping wildfire agencies and counties.
Did it pass? With 83% of precincts reporting, it looks likely to pass with 51.55% in favor and 48.45% against, according to Ballotpedia.org.
Colorado
Proposition 116: This initiative lowers the state income tax rate from 4.63% to 4.55% for individuals, estates, trusts, and foreign and domestic C-corporations operating in the state.
Did it pass? Yes.
Amendment B: This measure repeals the Gallagher Amendment, which established residential and non-residential property tax rates in the state constitution. Under the amendment, the Colorado State Legislature can freeze property tax assessment rates at the current rates, which are 7.15% for residential property and 29% for nonresidential property. The amendment also gives the state legislature power to decrease property tax assessment rate through state law.
Did it pass? Yes.
Illinois
Illinois Allow for Graduated Income Tax Amendment: This measure would have repealed the state’s constitutional requirement that the personal income tax in Illinois must be a flat tax, which means all taxpayers are taxed at the same rate, no matter their income. The amendment would have allowed the state to implement a graduated income tax, which taxes those with higher incomes at higher rates.
Did it pass? No.
Janna is an editor for Yahoo Money and Cashay, a new personal finance website. Follow her on Twitter @JannaHerron.
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