Posted by Jon Fleischman at 12:00 am on Jul 05, 2009 Comments Off on Critical Vote Tuesday: Send Letters of Support for Anderson’s IOU Bill
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.… Read More