California is officially insolvent and has begun paying its bills with IOUs. While certain sacred cows are protected from getting IOU’s, taxpayers are first in line to get hosed.
Assemblyman Joel Anderson has authored critical legislation, Assembly Bill 1506, to provide relief to taxpayers and businesses who will be receiving IOUs from the state.
So far, $50 million worth of IOUs are on their way to taxpayers who are owed a refund. Next in line are vendors, private businesses that provide services to the state on a contract basis. Assembly Bill 1506 allows IOUs to be used as payment for any obligations to the state.
For example, if you are a business with state contracts and you receive an IOU for $50,000, you could use that IOU as payment for your payroll taxes, DMV fees or any other obligation to the state. Without AB 1506, many businesses will be forced to close their doors and layoff employees. This bill is about protecting jobs and the economy from onerous, irresponsible government.
AB 1506 is set to be heard by a committee with 4-6 Dem control on Tuesday, July 7th. If you support this legislation, it is critical that you send a letter of support AB 1506 to Assemblyman Anderson.
CALL TO ACTION:
A critical vote will be held on Tuesday. Letters of support can be faxed to (916) 319-2177 or emailed to Assemblymember.Anderson@assembly.ca.gov.
If you would like a sample letter of support, call (916) 319-2077 or email the address above.