Colorado voters have overwhelmingly rejected a plan to raise state income and sales taxes for five years to revive schools decimated by years of budget cuts.

The measure would have sent an estimated $2.9 billion to K-12 schools and public colleges and universities. It was the nation's only statewide tax measure on ballots this year, and Colorado's vote indicates voters may not be willing to consider higher taxes, despite deep budget cuts to high-priority services like schools.

With 49 percent of the projected vote counted, Proposition 103 trailed 65 percent to 35 percent.

The measure would have raised individual and corporate tax rates from 4.63 percent to 5 percent. Colorado's sales and use tax rate would have gone from 2.9 percent to 3 percent. The rates would have been in effect from 2012 through 2016.

Earlier this year, Colorado lawmakers cut K-12 schools' funding by more than $200 million, to $2.8 billion.

Get KKTV 11 News' complete election results for 14 Southern Colorado counties.

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.