House committee backs guidance for cash rounding after penny production stopped

Representative McFarland presented HB 951 to set rules for rounding cash transactions after the federal mint stopped producing the penny, saying the bill prescribes how retailers should round when cents are not available. "Sales tax is calculated before the rounding, and rounding does not increase or decrease the tax," McFarland told the committee.

The bill, as explained by the sponsor, would have required rounding but an amendment (barcode 224079) adopted in committee converted several mandatory requirements to permissive language so businesses may choose how to handle mixed-tender sales, and it included a provision allowing secondary metal recyclers to round to the nearest nickel.

Trade groups signaled support during public testimony. Representatives of the Florida Retail Federation, the Florida Restaurant and Lodging Association and Associated Industries of Florida waved in support during the hearing. McFarland closed debate by telling members he "look[s] forward to your support" and that "this bill just makes sense."

The clerk recorded the committee's vote on the bill as unanimous in the transcript. By the committee's action, HB 951 will be reported favorably.

Next steps: the bill will be placed on the House calendar for further consideration.