Small California businesses that have received $682 million in IOUs from the state say they have been told by the state that they must still pay taxes on the sales. However, the state of California has informed the business community that it will not accept those IOU's from the businesses as payment for sales taxes. The millions of vendors that do business with the state so it can continue to function have filed a class action suit, claiming the state is trying to balance its budget upon their backs.
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