Sen. Don Gaetz’s proposal that allows retailers to round up or down to the nearest nickel in some cash transactions as minting new pennies has been halted is headed to Gov. Ron DeSantis.
The House voted 111-1 on the measure (SB 1074) that was unanimously backed by the Senate on February 26. Jacksonville Democratic Rep. Angie Nixon voted against it. Sarasota Republican Rep. Fiona McFarland, who sponsored the House version of the bill, said the proposal is intended to help “retailers deal with the shortage of pennies.”
Rounding to the nearest nickel would not alter the sales price, the amount of tax collected, or any surcharges, assessments or fees imposed on the sale, according to the bill analysis by legislative staffers.
How it works: Purchases ending in 1 or 2 cents would be rounded down to 0, while those ending in 3 or 4 cents would be rounded up to 5 cents. Transactions ending in 6 or 7 cents would round down to 5 cents, and those ending in 8 or 9 cents would round up to the next 10 cents.
The United States Treasury minted its last penny in late 2025 after deciding it was “no longer necessary to meet the needs of the United States.” The price to create the zinc and copper plated piece jumped from 1.42 cents to 3.69 cents per penny, according to the U.S. Treasury. The penny was first created in 1792.
We have received no word on how it impact penny slot machines.