Proposition 103 proposed amending the Colorado statutes to:
-increase the state income tax rate from 4.63 to 5.0 percent for five years, starting January 1, 2012;
-increase the state sales and use tax rate from 2.9 to 3.0 percent for five years, starting January 1, 2012; and
-require the state legislature to spend the money on public education by increasing funding above the amount in budget year 2011-12.
Shall state taxes be increased $536.1 million annually in the first full fiscal year and by such amounts as are raised annually thereafter by amendments to the Colorado revised statutes concerning a temporary increase in certain state taxes for additional public education funding, and, in connection therewith, increasing the rate of the state income tax imposed on all taxpayers from 4.63% to 5% for the 2012 through 2016 income tax years; increasing the rate of the state sales and use tax from 2.9 % to 3% for a period of five years commencing on January 1, 2012; requiring that the additional revenues resulting from these increased tax rated be spent only to fund public education from preschool through twelfth grade and public postsecondary education; specifying that that appropriation of the additional tax revenues be in addition to and not substituted for moneys otherwise appropriated for public education from preschool through twelfth grade and public postsecondary education for the 2011-12 fiscal year and allowing the additional tax revenues to be collected, kept, and spent notwithstanding and limitations provided by law?