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Senate committee hears 'penny bill' to allow permissive cash rounding after minting stops
Summary
Substitute House Bill 2,334 would permit asymmetrical rounding of in-person cash transactions after the U.S. Mint stopped producing pennies; sponsors and retailers said it offers needed guidance while staff cited a $186,000 one-time cost for the Department of Licensing to implement related changes.
Substitute House Bill 2,334 would give sellers the option to round the cash portion of in-person transactions to avoid requiring pennies after the U.S. Treasury announced it would stop minting pennies.
Committee staff outlined the bill's mechanics: penny endings of 1¢, 2¢, 6¢ and 7¢ would be rounded down; totals ending in 3¢, 4¢, 8¢ and 9¢ would be rounded up. Rounding would be applied after sales and use tax so tax liabilities are unaffected. The substitute differs from a Senate companion by making rounding…
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