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Nov 5, 2013 10:18 PM by Jennifer Horbelt

Amendment 66 defeated, according to Associated Press

DENVER (AP) - Colorado voters have rejected a $1 billion income tax hike for school funding.

Amendment 66, rejected Tuesday night, would have created wholesale changes for how Colorado funds public education - from expanded preschool to more money for K-12 schools with high numbers of at-risk students.

The measure would have raised income taxes from 4.63 percent to 5 percent for taxable income up to $75,000 a year. Income above $75,000 would have been taxed at 5.9 percent.

The school funding overhaul was approved by lawmakers earlier this year but required voter approval to take effect.

Amendment 66's loss means that Colorado will retain a flat income tax structure in place since the 1980s.

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