Bill > HB1744

This bill establishes requirements for businesses that accept cash payments from the public, specifically addressing how to handle transactions when exact change, particularly pennies, might not be available, which could occur if the penny is no longer in production. It mandates that if a business is engaged in business with the public and accepts cash, but doesn't have exact change, they must round the total transaction amount to the nearest nickel instead of calculating to the nearest penny. The bill outlines specific rounding rules: amounts ending in one or two cents are rounded down to the nearest nickel, while amounts ending in three or four cents are rounded up. Similarly, amounts ending in six or seven cents are rounded down, and amounts ending in eight or nine cents are rounded up. These rounding rules apply only to the cash portion of a transaction and do not affect electronic payments or the calculation and remittance of sales tax, which must still be calculated to the penny. The bill also clarifies that these rounding provisions apply to public entities collecting taxes, fees, or surcharges, requiring them to round the customer's payment to the nearest nickel but still remit the exact amount due to the appropriate government entity.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1744&ga=114