In a success for a rare partnership between the Los Angeles Area Chamber of Commerce and the Los Angeles County Federation of Labor, an initiative to reform term limits for state legislators has qualified for the February 2012 ballot.

The initiative would reduce the time lawmakers can serve in Sacramento from 14 years to 12 years. However, they would be allowed to serve all 12 years in either house of the Legislature. Currently, lawmakers can only serve six years in the Assembly and eight years in the Senate.

Secretary of State Debra Bowen announced late Wednesday afternoon that backers of the initiative had gathered enough valid signatures for the initiative to qualify for the February 2012 ballot.

Proponents of the initiative say it would allow lawmakers to gain greater expertise and have more time to tackle some of the tough issues confronting the state. As chairman of the Los Angeles chamber, Business Journal publisher Matt Toledo helped raise funds to place the measure on the ballot.

Similar term limits measures have been rejected by voters in the past. Unlike those measures, this one would only apply to lawmakers elected after the measure takes effect.

Proponents had been aiming to place the measure on this November’s ballot, but random sampling didn’t validate enough signatures. County registrars of voters then had to do a full count, which took the measure past the June deadline for the November ballot.