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IA SF2456

Bill

Official Source

Status

Engrossed

2/26/2026

Primary Sponsor

Commerce

Click for details

Origin

Senate

91st General Assembly

AI Summary

  • Allows businesses to round cash transactions to the nearest 5 cents, rounding down when the final digit is 1, 2, 6, or 7, and rounding up when it's 3, 4, 8, or 9
  • Requires transactions totaling only 1 or 2 cents to be rounded up to 5 cents
  • Applies to cash sales of goods and services, cash transfers between transaction parties, and cash wage payments to employees in Iowa
  • Does not apply to non-cash payment methods including checks, credit cards, gift cards, electronic fund transfers, money orders, or negotiable instruments
  • Responds to the U.S. Mint's suspension of penny production on November 12, 2025, as directed by the Secretary of the Treasury

Legislative Description

A bill for an act relating to rounding the amount of cents for cash transactions and payments.(Formerly SSB 3143.)

Last Action

Subcommittee recommends passage.

3/5/2026

Committee Referrals

Commerce2/26/2026

Full Bill Text

No bill text available