H.R. 3074 — what changed
Common Cents Act
From Introduced in House to Reported in House. 1 section amended and 1 removed between Introduced in House and Reported in House.
Sec. 2 Specifications of 5-cent coins and elimination of one-cent coins
added Section 5112 of title 31, United States Code, is amended—
added
in subsection (a)—
removed
Elimination— Not later than 1 year after the date of enactment of this Act, except as provided in subsection (b) and notwithstanding any other provision of law (including section 5112(a)(6) of title 31, United States Code), the Secretary of the Treasury shall cease production of one-cent coins.
removed
Exception—
changed
In General— The Secretary of the Treasury shall continue to produce one-cent coins as appropriate solely to meet the needs of numismatic collectors of in paragraph (5), by striking “weighs 5 grams.” and inserting the one-cent coin.following:
added “(A) 5 grams, with respect to such coin that is an alloy of copper and nickel; or
added “(B) between 4 and 6 grams, with respect to such coin as described in subsection (c).”
changed
Sale— Any one-cent coin produced under this subsection shall be sold in accordance with section 5132(a) of title 31 United States Code, and any other provisions of law governing numismatic coins.paragraph (6)—
added
by striking “except as provided under subsection (c) of this section,”; and
added
by striking “and weighs 3.11 grams”;
removed
Net Receipts— The net receipts from the sale of any one-cent coin produced under this subsection shall equal or exceed the total cost of production, including variable costs and the appropriate share of fixed costs of production, as determined by the Secretary of the Treasury.
changed
No effect on legal tender— All coins and currencies of the United States, regardless of when coined, printed, or issued, and including one-cent coins, shall continue to be legal tender for all debts, public and private, public charges, taxes, duties, and dues, in accordance with law.subsection (b)—
added
in the sixth sentence—
added
by inserting “either” before “an alloy”; and
added
by inserting “or a composition described in subsection (c)” before the period;
added
by inserting “with respect to such coins that are an alloy of copper and nickel” after “nickel required”; and
added
by striking “Except” through “zinc” and inserting “The one-cent coin is composed of copper and zinc”;
added
by amending subsection (c) to read as follows:
added “(c) 5-cent coin
added “(1) In general—The 5-cent coin may be a coin with an inner layer of zinc and an outer layer of nickel.
added “(2) Composition—The Secretary may prescribe the composition of zinc and nickel in the 5-cent coin, subject to testing and evaluation that such composition reduces the cost incurred to produce such coin.”
added
by adding at the end the following:
added “(bb) Elimination of one-cent coin
added “(1) In general—Notwithstanding any other provision of law, the Secretary shall cease production of one-cent coins for general circulation, but may continue to produce and issue one-cent coins for sale as numismatic items.
added “(2) No effect on legal tender—Any one-cent coin that is minted and issued on any date before the date of the enactment of this subsection shall remain legal tender for all debts, public charges, taxes, and dues.”
Sec. 3 Cash transaction rounding
removed
removed
In general— Notwithstanding any other provision of law, any person selling goods or services in a cash transaction, entering into any other transaction that results in a payment or transfer of cash between the parties to the transaction, or paying cash wages to an employee as compensation, shall round the payment in the following manner:
removed
Rounding down— In any case in which the total transaction amount, including any taxes, ends with 1 cent, 2 cents, 6 cents, or 7 cents as the final digit, the amount of cents in the sum shall be rounded down to the nearest amount divisible by 5 for any person seeking to make payment with legal tender.
removed
Rounding up— In any case in which the total transaction amount, including any taxes, ends with 3 cents, 4 cents, 8 cents, or 9 cents as the final digit, the amount of cents in the sum shall be rounded up to the nearest amount divisible by 5 for any person seeking to make payment with legal tender.
removed
Exception— Subsection (a) shall not apply to—
removed
transactions in which the total transaction amount, including any taxes, totals $0.01 or $0.02, where such transactions shall be rounded up to $.05 for any person seeking to make payment with legal tender; or
removed
any transaction for which payment is made by any demand or negotiable instrument, electronic fund transfer, check, gift card, money order, credit card, or other like instrument or method.
removed
Effective date— This section shall take effect 1 year after the date of enactment of this Act.