I actually did this exact thing when I was in sixth grade. My mom and teachers got together and told me that I had a choice of either doing my homework or taking the SAT and starting college. Although I was bored to tears at school, I knew I wasn't ready for college. It was probably a total bluff, but I straightened up quickly. The first thing to keep in mind is that even though he is bored, it's important that he know he still has to follow the rules. If he thinks he doesn't have to do anything at school that doesn't challenge him, it will turn him into one of those snobby smart kids. Even so, there is a huge problem with the fact that the school will not challenge him. Start with his teacher - many schools have advanced math programs for kids in his position. If that doesn't work, go to the administrators. Then the school board. If necessary, go to the local news and see if they would be interested in a child who the school is refusing to educate. (It's a long shot, but you never know, and it's good to try every avenue). In the meantime, supplement at home. My son has made amazing progress in math, simply by working twenty minutes, three times a week.
Good luck!