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Subcommittee approves substitute to codify cash‑rounding rules, requires taxes be calculated pre‑rounding
Summary
A substitute for House Bill 954 establishes a symmetric rounding rule for cash transactions and specifies taxes and fees must be calculated on the price before any rounding; the subcommittee reported the substitute unanimously after support from bankers and localities.
The subcommittee approved a substitute to House Bill 954 that sets a statewide symmetric rounding rule for cash transactions in light of the end of U.S. penny production and clarifies that taxes and fees are calculated and remitted based on the pre‑rounded sale price.
Chair Watts said the substitute defines rounding thresholds for cash transactions and preserves tax remittance obligations on the actual sale price. Supporters including the Virginia Association of Community Banks and Virginia Bankers Association said the change provides clarity for cash transactions and protects tax remittance practices.
The committee voted to report the substitute (clerk recorded the committee report as 8–0). The measure moves forward to the next stage of consideration.
