Senate Passes Bill That Will Change How You Pay With Cash– wltreport.com
News Source
EXCERPT:
The future of how you pay with cash will change if this bill turns into law.
The Senate has just passed the “Common Cents Act” which will formally end the production of the penny and create new cash rounding provisions.
The Trump administration previously ordered the Treasury to stop producing pennies due to them costing three cents to make one.
KVOM reported further details on how transactions will be rounded up:
The Senate passed the Common Cents Act by unanimous consent Friday. A version of the legislation has also passed the House.
The measure would formally end production of pennies for general circulation. The U.S. Mint produced its final circulating pennies last year, although special collectible pennies were issued this year as part of the nation’s 250th anniversary.
Existing pennies would remain legal tender and could continue to be used for purchases.
The legislation would also address cash transactions when pennies are not available. Businesses would be permitted to round the final cash purchase amount to the nearest five cents. For example, a transaction totaling $19.82 could be rounded to $19.80, while a $19.83 purchase could become $19.85.
The rounding provisions would apply to cash transactions and are intended to establish a more consistent system as the supply of pennies declines.
