Bill > HB954

This bill allows local governments in Virginia to establish their own rules for rounding payments for local taxes and other charges, specifically to address the discontinuation of the penny coin by the U.S. Mint. Currently, businesses making cash transactions may round amounts ending in certain digits to the nearest five-cent increment, and all taxes and fees must be calculated before this rounding occurs. However, this bill grants local governing bodies the authority to create ordinances that set specific rounding procedures for bills and account balances related to taxes and other local charges, potentially allowing for the rounding of these amounts to the nearest five-cent increment and the write-off of sums less than five cents.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB954