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Old 08-08-2009, 08:57 PM   #1 (permalink)
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Cali gives itself a "no confidence" vote

Courthouse News Service

SAN FRANCISCO (CN) - Small businesses that received $682 million in IOUs from the state say California expects them to pay taxes on the worthless scraps of paper, but refuses to accept its own IOUs to pay debts or taxes.
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Old 08-09-2009, 06:07 AM   #2 (permalink)
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That can't be true, can it? Only check cashing places will buy their bonds in the future if it is.

They're supposed to pay them in cash with interest in a couple months anyhow.
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Old 08-09-2009, 06:13 AM   #3 (permalink)
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It seems a little silly on CA's part to me. I mean, it really shouldn't be that complicated should it? CA ran out of money and issued IOU's, if I gave you an IOU for $20.00 and then you wound up owing me $20 over something else, we'd just call it even, right?

If they make it more elaborate (beyond those simple redemption dates and interest) or want people to pay taxes on the IOU's themselves, then what they're saying is that they've printed money, money they won't accept themselves.
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Old 08-09-2009, 06:14 AM   #4 (permalink)
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The story is bullshit

Registered Warrants (IOUs) Received For A Tax Refund - What You Need To Know

From Cali dept of revenue web site:
Quote:
Pay a tax liability or tax deposit with your registered warrant
We will accept registered warrants that are not yet redeemable for full face value towards the payment of tax liabilities.

Endorse the back of the registered warrant with the phrase "Pay to the order of Franchise Tax Board" and your signature. Mail the registered warrant with an FTB payment voucher for the payment type you want to pay.

In order to get interest on your registered warrant, you must hold the warrant until it is redeemable. Contact your financial institution for information about its policy on paying interest.
You won't get the interest unless you hold it until they pay cash, but they will accept them for their original value as payment for taxes.
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Old 08-09-2009, 06:16 AM   #5 (permalink)
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Quote:
Originally Posted by jeffdrafttech View Post
The story is bullshit

Registered Warrants (IOUs) Received For A Tax Refund - What You Need To Know

From Cali dept of revenue web site:


You won't get the interest unless you hold it until they pay cash, but they will accept them for their original value as payment for taxes.
Cool, thanks for digging that up. It looks from her suit that somebody at the clerks office refused to accept them as a sales tax payment.

Last edited by John Galt; 08-09-2009 at 06:24 AM.
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