A new Indiana law covers the federal phaseout of the penny and the resulting penny shortage, providing Hoosier retailers with procedures for rounding cash transactions.
- Rounding is for cash transactions only.
- Rounding must take place on the total price including tax.
- Retailers can choose either to round up or down to the next nickel.
- Note: Any gain or loss from the rounding is added to or taken away from the retailer’s income.
- Taxes must be paid in full to the State.
Example: If the total price plus tax is $6.42, the retailer has the option to round up to $6.45 or down to $6.40 in a cash transaction. The 3 cent gain or 2 cent loss would be added to or taken away from the retailer’s income, respectively. However, the tax of 42 cents is remitted to the State regardless of rounding.
The provision took effect immediately when Governor Braun signed the new law.
Driver charged after spotted by officer speeding and driving recklessly
Indiana Gov. Braun secures federal assistance, provides update on statewide storm response
Gov. Braun requests Presidential Emergency Declaration following this week's severe weather
INDOT, ISP urge safe travel as flooding, rainfall and severe weather continue
Driver arrested after trying to elude deputies at Raccoon Lake Recreation Area
Gov. Braun declares statewide disaster emergency, mobilizes National Guard
Parke County Commissioner sounds alarm about covered bridges
Parke County Commissioners continue solar farm discussion
Murder trial date set for Vermillion County man
Danger in your home: Attorney General alerts Hoosiers to nearly 40 products recalled in July
Indiana State Fair closed down by storms
National 811 Day reminds you to call before you dig
Crawfordsville’s Ben-Hur Building earns Indiana’s top restoration honor
