Text: H.R.3761 — 101st Congress (1989-1990)All Information (Except Text)

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HR 3761 IH
101st CONGRESS
1st Session
 H. R. 3761
To provide a method for removing one-cent pieces from cash transactions.
IN THE HOUSE OF REPRESENTATIVES
November 20, 1989
Mr. HAYES of Louisiana (for himself and Mr. KOLBE) introduced the following
bill; which was referred to the Committee on Banking, Finance and Urban Affairs
A BILL
To provide a method for removing one-cent pieces from cash transactions.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Price Rounding Act of 1989'.
SEC. 2. LIMITATION ON NUMBER OF PENNIES WHICH MAY BE TREATED AS LEGAL TENDER
IN A SINGLE TRANSACTION.
  All coins and currencies of the United States, regardless of when coined,
  printed, or issued, shall continue to be legal tender for all debts,
  public and private, public charges, taxes, duties, and dues, except to
  the extent otherwise provided in this Act. One-cent coins shall be legal
  tender to a maximum of 25 cents only if used in quantities divisible by
  5 without fraction or remainder.
SEC. 3. ROUNDING OF PRICES TO NEAREST 5 CENTS REQUIRED.
  Notwithstanding any other provision of law, any person selling goods
  or services shall determine the price of such goods or services in the
  following manner:
  (1) Prices of goods and services shall be totaled, any discount or deduction
  therefor made, and sales tax or other tax imposed, if any, added to that
  total in accordance with the law of the State in which such goods or
  services are sold.
  (2)(A) If a mill, 1 cent, 2 cents, 6 cents, or 7 cents shall be contained
  in the resulting sum, that sum shall be rounded down to the nearest amount
  divisible by 5 for those individuals seeking to pay therefor with legal
  tender.
  (B) If 3 cents, 4 cents, 8 cents, or 9 cents shall be contained in the
  resulting sum, that sum shall be rounded up to the nearest amount divisible
  by 5 for any person seeking to make payment by legal tender.
SEC. 4. EXCEPTION.
  The provisions of section 3(2) shall not apply to--
  (1) transactions the total amount of which is 2 cents or less, or
  (2) transactions for which payment is made by any demand or negotiable
  instrument, electronic fund transfer, money order, credit card, or other
  like instrument.
SEC. 5. COORDINATION WITH CERTAIN STATE OR LOCAL TAX LAWS.
  Any tax imposed by any State or municipal taxing authority shall not apply
  to gains or losses resulting from rounding.
SEC. 6. NUMISMATIC ITEMS.
  The Secretary of the Treasury may produce so many one-cent pieces as
  the Secretary determines are sufficient to include in uncirculated sets,
  proof sets, and other collector sets as, from time to time, the Secretary
  shall determine.
SEC. 7. EFFECTIVE DATE.
  This Act shall take effect 180 days after the date of the enactment of
  this Act, except that if such date of enactment occurs after October 30
  in any calendar year, this Act shall take effect on February 1 of the
  following year.

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