State Reps. Roemer, Hall Introduce Bill to Require That Payments Be Rounded to a Nickel

State Representatives Bill Roemer (R-Richfield) and Thomas Hall (R-Madison Twp.) have introduced House Bill 737 – legislation that would require cash payments to be rounded to a nickel.

“This is common-sense legislation that reflects the reality of today’s economy,” said Rep. Roemer. “By rounding cash transactions to the nearest nickel, we can reduce unnecessary costs while allowing constituents and businesses to continue to transact efficiently.”

“As our economy continues to evolve, our policies should evolve with it,” said Rep. Hall. “This bill will support community businesses as well as reduce unnecessary costs.”

This legislation would only apply to cash payments and would require that the final transaction total be rounded to the nearest five cents. 

If enacted, cash payments would be rounded as follows:

• Amounts ending in $0.01 or $0.02 → round down to $0.00
• Amounts ending in $0.03 or $0.04 → round up to $0.05
• Amounts ending in $0.06 or $0.07 → round down to $0.05
• Amounts ending in $0.08 or $0.09 → round up to $0.10
   

The current cost to manufacture and distribute a single penny is .37 cents, resulting in total losses exceeding $56,000,000 annually. 

House Bill 737 awaits a committee assignment.