SB 2680

AN ACT TO REQUIRE MERCHANTS ENGAGED IN THE BUSINESS OF SELLING GOODS AND/OR SERVICES IN THIS STATE TO CALCULATE THE PRICE OF GOODS AND/OR SERVICES SOLD, LESS DISCOUNTS OR DEDUCTIONS, AND SUBJECT TO ANY APPLICABLE TAXES, TO INDIVIDUALS PAYING WITH CASH BY ROUNDING SUCH TOTAL TO THE NEAREST FIVE-CENT DENOMINATION; TO PROVIDE EXCEPTIONS FOR TRANSACTIONS FOR WHICH THE TOTAL AMOUNT IS FEWER THAN 4¢ OR FOR TRANSACTIONS FOR WHICH PAYMENT IS MADE BY ANY DEMAND OR NEGOTIABLE INSTRUMENT, ELECTRONIC FUND TRANSFER, MONEY ORDER, CREDIT CARD, DEBIT CARD, ELECTRONIC PAYMENT OR OTHER LIKE INSTRUMENT; TO ENSURE THAT ANY TAXES IMPOSED ON THE PURCHASE SHALL NOT BE AFFECTED BY GAINS OR LOSSES RESULTING FROM ROUNDING TO THE NEAREST FIVE-CENT DENOMINATION; TO REQUIRE THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO PROMULGATE REGULATIONS TO IMPLEMENT THIS ACT; AND FOR RELATED PURPOSES.