WITH THE FEDERAL GOVERNMENT CEASING THE PRODUCTION OF PENNIES LATE LAST YEAR….. SOME HAVE ASKED IF IT’S LEGAL FOR BUSINESSES IN KENTUCKY
TO ROUND UP WHEN THEY RUN OUT OF PENNIES….
THE PROBABLE ANSWER IS “YES”…..HOWEVER THERE COULD BE A LOCAL ORDINANCE PREVENTING THAT…..BUT THERE IS NO STATEWIDE LAW IN KENTUCKY…..
THERE ARE LAWS IN SOME STATES SAYING CUSTOMERS PAYING CASH CANNOT BE CHARGED MORE THAN CUSTOMER PAYING BY CARD…..
HOWEVER…….THE COMMONWEALTH IS NOT ONE OF THOSE STATES…..
A BILL KNOWN AS THE……COMMON CENTS ACT….HAS BEEN INTRODUCED IN THE “U-S” HOUSE AND IT WOULD REQUIRE CASH TRANSACTIONS BE ROUNDED
TO THE NEAREST FIVE CENTS…..
AMOUNTS ENDING IN ONE, TWO, SIX OR SEVEN WOULD BE ROUNDED DOWN…..WHILE AMOUNTS ENDING IN THREE,FOUR, EIGHT AND NINE WOULD BE ROUNDED
UP…..ZERO OR FIVE WOULD NOT BE ROUNDED…..
CURRENTLY THERE ARE ABOUT 300-BILLION PENNIES IN CIRCULATION……
