Today I am proud to announce that the BOE agreed to sponsor Assembly Bill 1506 (Anderson) yesterday at our Board Hearing in Sacramento. The bill, which was luckily revived from the suspense file on Friday, will allow taxpayers that receive IOUs from the state, to return those IOUs as payment for any obligations owed to the state.
When we agreed to accept IOUs from taxpayers at our July 21st hearing, we requested for Board staff to return on August 31st, with a legislative proposal to standardize the policy of the Board regarding registered warrants.
The Board is not currently required by law to accept state-issued IOUs, but has done so this year as well as in 1992, the last time IOUs were issued by the state. The BOE staff proposal, approved yesterday, as an amendment for AB 1506, will clarify the law for the BOE to accept IOUs automatically when they are issued in the future.