SF 2456

Senate
File
2456
-
Introduced
SENATE
FILE
2456
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
SSB
3143)
A
BILL
FOR
An
Act
relating
to
rounding
the
amount
of
cents
for
cash
1
transactions
and
payments.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
6577SV
(1)
91
nls/ko
S.F.
2456
Section
1.
NEW
SECTION
.
554J.1
Cash
transactions
and
1
payments
——
rounding.
2
1.
The
following
shall
apply
to
a
person
that
sells
a
good
3
or
service
in
a
cash
transaction
in
the
state,
enters
into
4
a
transaction
that
results
in
a
payment
or
transfer
of
cash
5
between
the
parties
to
the
transaction,
or
pays
cash
wages
to
6
an
employee
as
compensation
in
the
state:
7
a.
Except
as
provided
in
paragraph
“c”
,
if
the
total
8
transaction
amount,
including
any
taxes,
ends
with
one,
two,
9
six,
or
seven
as
the
final
digit
of
the
number
of
cents
for
the
10
transaction,
the
person
may
round
down
the
number
of
cents
to
11
the
nearest
number
of
cents
divisible
by
five.
12
b.
If
the
total
transaction
amount,
including
any
taxes,
13
ends
with
three,
four,
eight,
or
nine
as
the
final
digit
of
the
14
number
of
cents
for
the
transaction,
the
person
may
round
up
15
the
number
of
cents
to
the
nearest
number
of
cents
divisible
16
by
five.
17
c.
If
the
total
transaction
amount,
including
any
taxes,
18
totals
one
or
two
cents,
the
person
shall
round
up
the
19
transaction
amount
to
five
cents.
20
2.
This
section
shall
not
apply
to
a
transaction
or
payment
21
made
with
a
demand
or
negotiable
instrument,
electronic
fund
22
transfer,
check,
gift
card,
money
order,
credit
card,
or
other
23
similar
instrument
or
method.
24
EXPLANATION
25
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
26
the
explanation’s
substance
by
the
members
of
the
general
assembly.
27
This
bill
relates
to
rounding
the
amount
of
cents
for
cash
28
transactions
and
payments.
29
On
November
12,
2025,
the
United
States
mint
suspended
30
production
of
the
one
cent
coin
(penny)
at
the
direction
of
the
31
United
States
secretary
of
the
treasury.
32
The
bill
applies
to
a
person
that
sells
a
good
or
service
in
33
a
cash
transaction
in
the
state,
enters
into
a
transaction
that
34
results
in
a
payment
or
transfer
of
cash
between
the
parties
to
35
-1-
LSB
6577SV
(1)
91
nls/ko
1/
2
S.F.
2456
the
transaction
in
the
state,
or
pays
cash
wages
to
an
employee
1
as
compensation
in
the
state.
2
If
the
total
amount
of
the
transaction,
plus
taxes,
requires
3
a
number
of
cents
ending
with
one,
two,
six,
or
seven,
the
4
person
may
round
down
the
number
of
cents
to
the
nearest
5
number
of
cents
divisible
by
five.
If
the
total
amount
of
the
6
transaction,
plus
taxes,
requires
a
number
of
cents
ending
with
7
three,
four,
eight,
or
nine,
the
person
may
round
up
the
number
8
of
cents
to
the
nearest
number
of
cents
divisible
by
five.
If
9
the
amount
of
the
transaction
or
payment,
plus
taxes,
totals
10
one
or
two
cents,
the
person
shall
round
the
transaction
amount
11
to
five
cents.
12
The
bill
does
not
apply
to
a
transaction
or
payment
made
with
13
a
demand
or
negotiable
instrument,
electronic
fund
transfer,
14
check,
gift
card,
money
order,
credit
card,
or
other
similar
15
instrument
or
method.
16
-2-
LSB
6577SV
(1)
91
nls/ko
2/
2