New York eyes rounding rule for retailers as US cancels pennies
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ALBANY, N.Y. (NEXSTAR) — State Senator James Skoufis, an Orange County Democrat, introduced a bill on Friday that would require vendors to round cash purchases to the nearest five-cent denomination. “New Yorkers for Common Cents Act” would standardize how cash transactions are handled as the U.S. officially ends production of the penny.
The proposed S8580 is currently in the Senate Standing Committee on Rules and lacks an Assembly counterpart. It would make merchants in New York state follow a specific process to determine the actual price at the register, minimizing the use of pennies returned as change.
Skoufis said everyone deserves clear guidance and transparency. “Without consistent guidelines from merchant to merchant, confusion is inevitable, and I want to ensure New York has directives in place to protect individuals on both sides of cash transactions,” he said.