TALLAHASSEE, Fla. – Businesses could round cash sales up or down to help deal with the discontinuation of the penny under a bill that passed the Florida Senate on Thursday.
State Sen. Don Gaetz, R-Niceville, says SB 1074 prepares the state’s economy for a time without pennies.
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Under the legislation, purchases involving cash sales ending in 1, 2, 6 or 7 would be rounded down to the nearest nickel, and sales ending in 3, 4, 8 or 9 would be rounded up to the nearest nickel.
It does not affect people making electronic or card payments.
“The bill establishes clear uniform rules for rounding cash transactions up to the nearest nickel, while ensuring that sales taxes, fees and surcharges are not affected,” Gaetz said.
The measure comes after the U.S. Mint suspended production of the penny in November due to costs. The penny costed four cents to make.
Since then, many businesses have put up signs warning that the lack of pennies could lead to rounding sales.
A similar House bill, HB 951, is also ready for consideration by the full chamber.
Information from the News Service of Florida was used in this report.