H.R.3761 - Price Rounding Act of 1989101st Congress (1989-1990)
|Sponsor:||Rep. Hayes, James A. [D-LA-7] (Introduced 11/20/1989)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 12/15/1989 Referred to the Subcommittee on Consumer Affairs and Coinage. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3761 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (11/20/1989)
Price Rounding Act of 1989 - Declares that one-cent coins shall be legal tender to a maximum of 25 cents only if used in quantities divisible by five without fraction or remainder.
Prescribes guidelines to round out prices to the nearest five cents (including taxes), except for specified transactions.
Declares that State or local taxes shall not apply to gains or losses resulting from rounding. Permits the Secretary of the Treasury to produce one-cent pieces as numismatic items.