A state senator is launching a campaign to raise taxes to prevent further budget cuts for Colorado schools and colleges.
Sen. Rollie Heath will officially start the effort Monday at the state Capitol. The proposal would raise the income and sales tax rates between 2012 and 2017.
Heath is proposing to raise the sales and use tax rate to 3 percent, up from 2.9 percent. He also wants to raise the state’s individual and corporate tax rates to 5 percent, up from 4.63 percent.
Heath unveiled his plan earlier this year but at the time his idea called for raising the taxes for three years. He said then it would raise $1.6 billion for schools and colleges.
Heath needs to collect voter signatures to get the measure on the ballot.