Bill > S08580

This bill, known as the "New Yorkers for Common Cents Act," aims to reduce the circulation of pennies in New York by requiring merchants to round cash purchases to the nearest five-cent denomination. Specifically, if the total amount of a cash purchase ends in one, two, six, or seven cents, it will be rounded down to the nearest amount divisible by five, and if it ends in three, four, eight, or nine cents, it will be rounded up to the nearest amount divisible by five. This rounding rule applies to "merchants," defined as businesses selling goods or services in person, and does not apply to transactions of four cents or less or those paid for electronically or by check. The bill also clarifies that merchants are not violating any state laws if they cannot provide exact change involving pennies, and any gains or losses from this rounding will not be subject to taxes. The Department of Financial Services is authorized to create regulations to implement these changes, with the rounding provision taking effect 180 days after the bill becomes law.