Voters were rejecting Initiative 1464, a measure to overhaul the state’s campaign finance system, in Tuesday's returns.

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Voters were rejecting by five percentage points a measure to overhaul the state’s campaign finance system in Tuesday’s returns.

I-1464 sought to create a voucher system giving voters three $50 “democracy credits” that could be used in state races every two years. The system’s costs would be covered by levying  a nonresident sales tax for residents of tax-free states, such as Oregon and Montana, who shop in Washington.

The measure, similar to one passed by Seattle voters last year, also sought to create stricter disclosure requirements for political ads and limit the amount of money contractors and lobbyists could donate to candidates.

Candidates would become eligible for the vouchers by pledging to limit self-financing and by restricting the amount of  donations they accept.

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Opponents, including former Republican Attorney General Rob McKenna, argued  I-1464 would harm small businesses and tourism that rely on out-of-state shoppers. The   Democrat-backed pro-initiative campaign had outraised opponents by more than 140 to 1, however.

Check our live updates for the latest election coverage and reaction, and see our results page for complete election returns.