I O U's

California, unable to resolve the budget crisis and agree upon an approved budget, is seriously considering sending IOU's in the form of registered warrants in lieu of tax refunds. The warrant would let the taxpayer know that the state owes them a certain amount of money and it will be redeemed at some undisclosed time.

Here is an article and report on all this.

This is the first time that California has done this since they tried issuing state workers IOU's in 1992. They were sued for damages that time.

But, I think this opens up some interesting options. Maybe you can give the IOU to the DMV instead of paying. Or, you could give the state an IOU instead of paying your taxes. If you get a ticket from the Highway Patrol, a state law enforcement agency, maybe you could just give them an IOU.

Another great idea from the state that leads the way in many of the great ideas of our time.