A ballot measure that would increase K-12 education funding in Colorado with revenue retained over the Taxpayer’s Bill of Rights cap is passing with 55% of the votes in favor of the measure as of 8 p.m., according to unofficial results from the Colorado Secretary of State’s Office.

If Proposition NN passes, the state of Colorado will be allowed to retain and spend up to $4.6 billion over the TABOR cap each year, effectively eliminating TABOR refunds for taxpayers indefinitely.

The retained revenue would go toward increasing the state’s K-12 education funding by 2% annually over the next 10 years, which proponents say will allow schools to provide more competitive pay for educators and shrink classroom sizes, among other things.

Specific restrictions for education spending phase out after 10 years, however, leaving behind what opponents have argued is a “blank check” for lawmakers.

Were the measure to pass, it would also be the first of four ballot measures allowing the state to retain more revenue under or above the TABOR cap to gain approval from voters in seven years, after three were rejected by voters — including one that would have increased funding for public and higher education.

“The level of inadequacy in our funding here in Colorado mainly means that we simply cannot keep educators,” Colorado Education Association President Kevin Vick said in September. “When you’re talking about that level of shortfall, a lot of that is borne on the backs of the education employees themselves (through) poor pay, an erosion of benefits and being incredibly short staffed in a lot of areas. The workload is overbearing.”

A fiscal impact statement published by the Colorado Legislative Council Staff in September estimates that Proposition NN would reduce TABOR refunds by $329.9 million in fiscal year 2026-27 and $521 million in fiscal year 2027-28. For a single filer making $100,000, that would translate to a refund reduction of $28 in 2027 and $68 in 2028, or a reduction of $56 in 2027 and $96 in 2028 for joint filers.

The race over Proposition NN has brought in millions in spending from state and national organizations that support and oppose the measure, including dark money groups that don’t disclose their donors.

Yes for Colorado Kids, the primary statewide political campaign supporting Proposition NN, has spent around $9.56 million promoting the measure, according to the last campaign finance information filed with the Colorado Secretary of State’s website prior to the election.

The six committees registered in opposition to Proposition NN with the Secretary of State’s office are multi-issue committees, making it difficult to tell exactly how much of their funding has gone toward opposing the ballot measure. As of Nov. 3, these groups have spent more than $13.2 million opposing measures including Amendment 87, Proposition NN and Proposition 137.