Bill > SB1810

This bill allows private businesses that accept cash payments and financial institutions that exchange currency to round off transaction amounts to the nearest nickel if exact change is unavailable, meaning that instead of calculating to the exact penny, they can adjust the total to the closest five-cent increment. Specifically, if a total ends in 1 or 2 cents, it can be rounded down; if it ends in 3 or 4 cents, it can be rounded up; if it ends in 6 or 7 cents, it can be rounded down; and if it ends in 8 or 9 cents, it can be rounded up. This rounding rule applies only to the cash portion of a transaction and does not affect electronic payments or the calculation and remittance of sales tax, which must still be calculated to the penny.