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Intern Abbott outlines proposal to round cash transactions, raising questions about accounting and equity
Summary
A legislative intern presented H 8 37, a proposal to round cash transactions to the nearest nickel; members asked how tax would be calculated, whether a small "rounding tax" could emerge, and how point-of-sale systems and refunds would be handled.
An intern, identified in the transcript as Abbott, told the Brevard House Committee on Commerce & Economic Development on March 27 that H 8 37 would round cash transactions to the nearest amount divisible by five cents, with amounts of 1¢ or 2¢ rounded down and 3¢ or 4¢ rounded up.
Abbott said the bill would require businesses that round cash sales either to calculate tax on the pre-rounding amount and to track both pre- and post-rounding totals for accounting and tax purposes. On refunds, Abbott said the refund amount would be based on the rounded amount that had been charged.
The presenter gave preliminary economic estimates for Vermont: a rounding regime that consistently rounded one way could affect total transactions by about…
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