Bill > HB3075

This bill, known as the "Oklahoma Common Cents Act," establishes a system for rounding cash payments made to political subdivisions, which are local government entities like cities, towns, and counties, starting January 1, 2027. Specifically, when a cash payment's amount ends in certain cents, it will be rounded to the nearest nickel or dime: amounts ending in 1 or 2 cents will be rounded down to zero, amounts ending in 3 or 4 cents will be rounded up to 5 cents, amounts ending in 6 or 7 cents will be rounded down to 5 cents, and amounts ending in 8 or 9 cents will be rounded up to 10 cents. This rounding rule only applies to payments made with physical cash, not to other payment methods like checks, debit cards, credit cards, or electronic payments. For ad valorem taxes, any small differences resulting from this rounding will be handled by the county's general fund. Political subdivisions are also authorized to manage any overages or shortages from cash payments from their own funds. The act will become effective on November 1, 2026.

Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3075&Session=2600