With the State Controller scheduled to issue the first IOUs today, an Assembly bill is emerging that would help lessen the pain of IOUs for many Californians.  A B 1506, would allow anyone who receives an IOU from the state to use those IOUs as payment for any obligations owed to the state.  It was introduced by  Assemblyman  Joel Anderson, Republican from El Cajon,

“AB 5006 is a simple concept. Anyone who receives an IOU from the state may use that IOU as a payment to the state. That’s important because we’re going to be looking at payroll taxes, we’re going to be looking at DMV fees, all these fees are going to be coming up and people are going to be expected to pay them, yet they’re waiting to be paid real cash, not just IOUs.”

Anderson says another benefit of the bill is that the state could save interest money paid on the IOUs. 

“This bill also makes sense because we pay interest on those IOUs and if we’re able to accept those IOUs, we’re going to save the state money by not having to pay interest on it.”

 Anderson joined his fellow Assembly Republicans on the State Capitol steps yesterday to urge lawmakers to pass his legislation.