Bill > A09274

This bill, known as the "New Yorkers for Common Cents Act," requires merchants in New York to round cash purchases to the nearest five-cent denomination to reduce the circulation of pennies. Specifically, if a total purchase price 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, but only for cash transactions. This rounding rule does not apply to transactions of four cents or less, or to any payment made by credit card, debit card, electronic transfer, or other non-cash methods. The bill also clarifies that merchants are not in violation of any state law for not providing exact change that would include pennies, and any gains or losses from this rounding will not be subject to state or municipal taxes. The act takes effect immediately, with the rounding provisions becoming effective 180 days after the law is enacted.