DENVER (CBS4)– There’s a push to get an initiative on the ballot in Denver that would increase sales taxes to help fund higher education.

It’s called “Prosperity Denver.” Officials say by the year 2020, 74 percent of jobs in Denver will require a post-secondary degree. Less than half of current Denver residents have one of those.

(credit: CBS)

The initiative calls for a one cent tax increase on a $10 purchase. That money would be used for grants and academic support services.

University of Colorado Boulder (credit: CBS)

“Colorado currently funds our higher education system 48th out of 50th in the country. So we know that means for many families in our state, higher ed is becoming more and more out of reach,” said Kelly Brough, the president and CEO of the Denver Metro Chamber.

The group turned in its completed petitions on Wednesday. Those signatures will need to be approved before it appears on the ballot.