INDIANA – As the federal government moves toward phasing out the one-cent coin, Indiana is taking proactive steps to ensure Hoosier businesses and consumers aren’t left in a lurch. Governor Mike Braun has signed into law a new provision that establishes clear procedures for how retailers should handle cash transactions in the absence of pennies.
The law, which took effect immediately upon the Governor’s signature, provides a framework for “rounding” that aims to keep checkout lines moving while ensuring the state still gets its fair share of tax revenue.
The Rules of the Rounding
The new legislation isn’t a free-for-all; it comes with specific guardrails to protect both the merchant and the consumer. Here is how the process…..