Bill > HB281

This bill, titled "Cash Transactions: Rounding," amends Alaska Statute (AS) 45.45 by introducing a new section that allows sellers to round the total price of cash transactions to the nearest five cents. This rounding would occur after all goods, services, discounts, and applicable taxes are calculated. Specifically, totals ending in one, two, six, or seven cents would be rounded down to the nearest amount divisible by five cents, while totals ending in three, four, eight, or nine cents would be rounded up. This provision explicitly excludes transactions paid for by electronic funds transfer, money order, credit card, debit card, or other similar electronic payment methods, and clarifies that any tax implications from rounding gains or losses are not applicable. A "seller" is defined as any person engaged in the business of selling or arranging for the sale of goods or services.

Government Affairs

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB281