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Committee adopts Swedish rounding protocol for cash transactions and moves 'penny plan' to calendar
Summary
Senate Bill 18-10 permits retailers to use the Swedish rounding system to the nearest nickel for cash transactions as pennies fall out of circulation. Sponsor said the permissive law would protect retailers who round in cash transactions and would not affect electronic payments or tax calculations.
Chairman Reeves, speaking for the sponsor group including grocers, explained that with the U.S. Mint having ceased penny production and Federal Reserve vaults running low on pennies, SB 18-10 would accept the Swedish rounding protocol as permissible for cash transactions so retailers can round to the nearest nickel when exact change is not possible.
Reeves said the system would not apply to electronic transactions and would not change tax remittances; members asked for clarification on the rounding algorithm and noted many cash registers can be programmed for automatic rounding. The committee adopted the amendment and moved the bill to the calendar.
