One-cent Piece
Cash rounding to the nearest nickel exempted from FDUTPA once pennies stop production
Florida Statutes affected
| s. 212.12 | Dealer’s credit for collecting tax; penalties for noncompliance; powers of Department of Revenue in dealing with delinquents; rounding; records required. |
| s. 501.212 | Application. |
| s. 538.235 | Method of payment. |
Side-by-side: current law vs. the bill
Bill section 1
Not codified in the Florida Statutes.
Paragraph (c) is added to subsection (10) of section 212.12, Florida Statutes, to read:
212.12 Dealer’s credit for collecting tax; penalties for noncompliance; powers of Department of Revenue in dealing with delinquents; rounding; records required.—
(10)
(c)1. For purposes of this paragraph, the term “cash” has the same meaning as defined in 12 U.S.C. s. 4001.
2. If the 1-cent piece is no longer in production, an in person cash transaction may be rounded to the nearest nickel using the following methodology:
a. If the final digit of a cash transaction ends in 1 or 2 cents, it must be rounded down to zero.
b. If the final digit of a cash transaction ends in 3 or 4 cents, it must be rounded up to 5 cents.
c. If the final digit of a cash transaction ends in 6 or 7 cents, it must be rounded down to 5 cents.
d. If the final digit of a cash transaction ends in 8 or 9 cents, it must be rounded up to 10 cents.
e. Cash transactions ending in 0 or 5 cents are not rounded.
3. Rounding to the nickel applies only to cash transactions. Rounding to the nickel does not apply to any transaction for which payment is made by a noncash method, including electronic funds transfer; check; gift card; money order; credit card; or mixed tender, except to the extent that cash is dispersed to the purchaser.
4. Rounding to the nickel does not alter the sales price, the amount of tax collected under this chapter, or any surcharges, assessments, or fees imposed on the sale.
5. Rounding to the nickel may apply to the amount of the transaction or to the amount of change tendered to the purchaser.
6. Rounding to the nickel does not alter or affect the exact amounts authorized, cleared, or settled through any noncash payment system or electronic transaction.
Bill section 2
Not codified in the Florida Statutes.
Subsection (8) is added to section 501.212, Florida Statutes, to read:
501.212 Application.—This part does not apply to:
(8) Rounding a consumer sale to the nickel if the 1-cent piece is no longer in production.
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