It would make the same reduction in the rate used to determine the amount to be deposited with the state Commissioner of Revenue by non-resident building contractors as security for the payment of sales and use tax on tangible personal property used in carrying out their contracts.

The proposed law would not affect the collection of moneys due the Commonwealth for sales, storage, use or other consumption of tangible personal property or services occurring before Jan. 1, 2011.

Carla Howell, chairwoman of the committee organizing the effort, Alliance to Roll Back Taxes, declined to provide the number of signatures collected, but did state: "We do feel confident we've submitted more than the requirement."

Since the Massachusetts Legislature did not approve of the initiative by the May 4, 2010 deadline, petition organizers must have obtained signatures from about 1/2 of 1% of voters who voted in the last governor election and submit them before or on July 7, 2010.

Carla Howell, the leader of the initiative campaign, stated that the measure will be placed on the ballot since that number of signatures was well over the 11,099 required.