No. CS/CS/HB 951
Filed under Taxes & Budget.
One-cent Piece; Authorizes dealers to round to nearest nickel in certain circumstances; provides methodology for such rounding; provides that such rounding is not deceptive & unfair trade practice in certain circumstances; requires certain cash payments be made in full amount due or rounded in a specified manner.
Plain English Summary
AI-GENERATEDIf the 1-cent piece is no longer in production, in-person cash transactions may be rounded to the nearest nickel using a specific methodology.
Rounding applies only to cash transactions and does not alter the sales price, tax collected, or any surcharges, assessments, or fees.
Cash payments made to a seller under the referenced section must be made in the full amount due or rounded up to the nearest nickel.
Rounding a consumer sale to the nickel is exempt from the application of the referenced part if the 1-cent piece is no longer in production.
AIRequires cash transactions to be rounded to the nearest nickel using a specific methodology if the 1-cent piece is no longer in production.
AIProhibits the application of nickel rounding to any transaction paid by noncash methods, including electronic funds transfer, checks, and credit cards.
AIPrevents nickel rounding from altering the underlying sales price, the amount of tax collected, or any surcharges, assessments, or fees.
AIExempts the rounding of consumer sales to the nearest nickel from the application of the state's unfair and deceptive trade practices law.
AIRequires any cash payment made to a seller to be made in the full amount due or rounded up to the nearest nickel if the 1-cent piece is no longer in production.