Michigan SB1014 requires rounding down cash transaction prices to the nearest 5 cents.

Michigan SB1014 amends the Michigan Compiled Laws to require rounding down the final price of consumer items in cash transactions to the nearest multiple of 5 cents. This rounding does not apply to the calculation of sales or use tax. The bill defines terms such as "consumer item," "final price," and "sale at retail." Exceptions to the rounding requirement include items sold by weight or volume, in coin-operated vending machines, and other specified categories.

Michigan SB1014 requires rounding down cash transaction prices to the nearest 5 cents.

Michigan SB1014 amends the Michigan Compiled Laws to require rounding down the final price of consumer items in cash transactions to the nearest multiple of 5 cents. This rounding does not apply to the calculation of sales or use tax. The bill defines terms such as "consumer item," "final price," and "sale at retail." Exceptions to the rounding requirement include items sold by weight or volume, in coin-operated vending machines, and other specified categories.