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(Des Moines, IA) -- A bill moving through the Iowa Legislature would set statewide rules for rounding cash transactions now that the penny is no longer being produced.
Senate File 2456 requires totals, including tax, to be rounded to the nearest five cents for cash payments.
Amounts ending in 1, 2, 6, or 7 would be rounded down, while totals ending in 3, 4, 8, or 9 would be rounded up.
For example, a purchase totaling $1.53 would round up to $1.55.
The Iowa Senate has passed the bill, and it now moves to the House for consideration.