Massachusetts voters in November have the option to slash the state’s sales tax rate to 3% from 6.25%.

The secretary of the commonwealth placed the initiative on the ballot last week after receiving sufficient signatures. Ballot question number three would reduce the rate to 3% on Jan. 1, cutting sales tax receipts by $958 million in fiscal 2011, which began July 1, and $2.5 billion in fiscal 2012, according to the Executive Office of Administration and Finance.

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