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Committee advances bill allowing retailers to round cash totals to nearest nickel after penny production ceased
Summary
Committee approved a bill permitting retailers to round cash transactions to the nearest five cents according to set rules (round down on totals ending in 1,2,6,7; round up on 3,4,8,9), while preserving pennies as legal tender and keeping tax calculated on the pre-rounded sales price.
The committee advanced a bill intended to help retailers cope with the end of federal penny production by allowing regulated rounding of cash transactions to the nearest nickel under specified rules.
Representative Barrett, sponsor of the retail cash-rounding bill (LC 620427S), said the measure would standardize how retailers treat cash totals when pennies are scarce: if a cash…
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