Col­orado vot­ers will decide Nov. 3 whether to reduce the state income tax­es they pay.

The Sec­re­tary of State’s Office announced Mon­day that cit­i­zen-led Ini­tia­tive 306 qual­i­fied for the bal­lot. It would reduce the state’s income tax rate from 4.63% to 4.55%, which, if approved, is pro­ject­ed to reduce the state’s rev­enue by $78.1 mil­lion this fis­cal year and $158.4 mil­lion in fis­cal year 2020–21, accord­ing to an April fis­cal impact state­ment.

It’s cham­pi­oned by con­ser­v­a­tive lead­ers Jon Cal­dara, pres­i­dent of the Inde­pen­dence Insti­tute, and Sen. Jer­ry Son­nen­berg, R‑Sterling.

“Many of the peo­ple in Col­orado have been with­out work two months, three months, four months — they need that (mon­ey) as much as any­body,” Son­nen­berg said. “Gov­ern­ment shouldn’t be grow­ing when every­body else is tight­en­ing their belt.”

A mea­sure from a dif­fer­ent group that would have increased tax­es on Colorado’s wealthy and reduced them for every­one else failed to make the ballot.

The income tax reduc­tion is the fifth cit­i­zen-led effort to make it to the bal­lot, join­ing ini­tia­tives ask­ing vot­ers to approve Colorado’s par­tic­i­pa­tion in the Nation­al Pop­u­lar Vote Com­pact, reit­er­ate only cit­i­zens can vote in elec­tions, rein­tro­duce and man­age gray wolves in the state, and ban abor­tions at and after 22 weeks. The Col­orado Gen­er­al Assem­bly also referred three mea­sures to the ballot.