H.R.3761 - Price Rounding Act of 1989101st Congress (1989-1990)
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 12/15/1989 Referred to the Subcommittee on Consumer Affairs and Coinage. (All Actions)|
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Text: H.R.3761 — 101st Congress (1989-1990)All Information (Except Text)
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Introduced in House
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.