Legislation would allow merchants to round up, down to nearest nickel

Businesses could round cash sales up or down to the nearest nickel under a proposal moving through both legislative chambers, following the discontinuation of the penny.

The House Ways & Means Committee unanimously approved the measure, HB 951, on Monday. The bill would establish rounding procedures when businesses are unable to provide exact change to customers paying with cash.

“This bill just makes sense,” said bill sponsor Rep. Fiona McFarland, R-Sarasota.

The U.S. Mint suspended production of the penny on Nov. 12 because of rising production costs.

Under McFarland’s proposal, cash purchases ending in 1, 2, 6 or 7 would be rounded down to the nearest nickel, while purchases ending in 3, 4, 8 or 9 would be rounded up.

The bill must still pass through the Insurance & Banking Subcommittee and the Commerce Committee before it can be considered by the full House.

A similar Senate proposal, SB 1074, was unanimously approved by the Commerce and Tourism Committee on Jan. 21 and also has two remaining committee stops.