Massachusetts voters reject ballot Question 5, which would have set cap on state revenue

After days of counting votes in a very close race, Massachusetts voters rejected a ballot initiative that would have set a cap on the state's revenue and established a rebate, the Associated Press projects. 

Massachusetts voters were asked to weigh in on nine ballot questions this election cycle. Questions 5 remained too close to call on Thursday morning after most of the questions on the ballot were called Tuesday night. 

The Associated Press called the tight race on Thursday afternoon with 98% of the vote in, with 52% of voters rejecting the proposal. 

Question 5 proposed a change to the limit of how much revenue the state can collect each year. 

If it had passed, the law would have limited the state's revenue to the net amount from the year before, adjusted every year by a rate equal to the growth of wages and salaries over the last three years. The state's 4% additional surtax on incomes of over $1 million would have been included in the calculation. 

The law proposed that the state refund any revenue that exceeds the limit back to taxpayers the following year. 

Supporters of the proposal formally conceded Wednesday morning, despite the race not being called. 

"We are disappointed by this result because it means the affordability and competitiveness issues that workers and businesses face remain unaddressed," said Colin Reed, a spokesperson for the Mass Opportunity Alliance, which supports the initiative. "This outcome does not resolve the underlying questions about the cost of living and doing business in Massachusetts, or the loss of residents and economic opportunity."  

Question 7, which would lower the required lot size for single-family homes across the state, still remains uncalled as of Thursday evening.