SACRAMENTO July 8, 2009 — Republicans and Democrats alike embraced legislation yesterday that would make California IOUs legal tender for all taxes, fees and other payments owed to the state. // The state started issuing IOUs, formally known as registered warrants, on Thursday after lawmakers and the governor failed to agree on a package of spending cuts and other measures to close a budget deficit that since has grown to $26.3 billion. // Anderson's legislation simply declares the state must accept its IOUs as payment for any taxes, fees or other payments owed to the state. The state already accepts its IOUs for payment of income taxes. The state Franchise Tax Board reiterated that yesterday and said it will also accept IOUs for corporate taxes.
Casa Robino
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