HB 4476
To provide for currency rounding on monetary transactions
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the West Virginia for Common Cents Act, would change how prices are rounded for transactions in West Virginia. It requires merchants to round prices down if the total is ending in one, two, six, or seven cents, and round up if the total is ending in three, four, eight, or nine cents. Certain transactions, like those under four cents or paid by methods other than cash, are exempt from these rounding rules.
Key provisions
- Merchants must round prices down if the total ends in 1, 2, 6, or 7 cents.
- Merchants must round prices up if the total ends in 3, 4, 8, or 9 cents.
- Transactions totaling four cents or less are exempt.
- Transactions paid by electronic methods are exempt.
- The bill creates a new article in the West Virginia Code.
- The Tax Commissioner will create rules to implement the law.
- Sales tax and other taxes are not affected by rounding.
- Defines ‘Merchant’ as any person engaged in sales of goods or services.
Who is affected
- Merchants and businesses in West Virginia
- Consumers in West Virginia
- Tax authorities in West Virginia
Notable changes
- Introduces a specific rounding policy for monetary transactions.
- Creates a new section in the West Virginia Code dedicated to this legislation.
- Exempts certain transactions from the rounding rules.
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