Calif. Taxpayers Due Refunds May Get IOUs - NBCBAYAREA- msnbc.com: "If you expect you'll be getting a refund from California when you file your 2008 state income tax return, be prepared: you may instead receive a 'registered warrant.' Translation: an IOU.
California is rapidly running out of money. Blame it on the state budget deficit that continues to bleed billions of dollars from California's reserves. Facing inadequate credit to make up the difference, California's Controller John Chiang warns that by the end of February, the nation's most populous state may not be able to pay some of its debts, and instead be reduced to issuing those creditors IOUs."
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That is pretty cheeky. How about if, just to be consistent, those taxpayers who owe the state more money on April 15 send the state an IOU?
2 comments:
I wonder if the stress of this dismal situation is taking its toll on Chiang given his hospitalization over the Christmas holidays for chest pains.
Someone I know got one of these IOUs. It (supposedly) pays 5% interest. He wants to know how long he can keep it.
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