SB 1074 – One-Cent Piece

On Thursday, February 12, SB 1074 by Senator Don Gaetz (R-Pensacola) was heard by the Senate Finance and Tax Committee and was reported favorably. AIF stood in support of this legislation.

This bill clarifies the rounding rules for cash change in the future after the Federal Government stopped production of the penny. Depending on the change owed, the business may round up or down to avoid using a penny.

SB 1074 will now go to the Senate Appropriations Committee for consideration.

AIF supports clarifying language in Florida Statutes for the business community to follow while dispensing cash change. As the penny becomes less common, making sure the state has clear and concise procedures will become increasingly important.