Congress Sends Common Cents Act to Trump as Businesses Adjust to Penny Phaseout
· Texas Border Business
On September 28, the U.S. Senate passed the Common Cents Act, which establishes national cash-rounding rules, and sent it to President Trump. This legislation follows the phaseout of penny production and allows businesses to round cash transactions to the nearest five cents when exact change is not possible. Electronic payments will still be calculated to the exact cent. The National Restaurant Association supported the act, citing operational challenges due to penny shortages. The bipartisan bill aims to provide clarity for businesses, particularly restaurants, which often deal with cash transactions. If signed, it will create a federal framework for cash transactions without pennies.
AI summary · Source: Texas Border Business →
