Question
Only In Maryland Can They Make a Penny Harder Than Calculus
Dear Marylander, The cessation of penny production has caused a shortage. New Maryland law authorizes rounding the price of goods or services being sold or the change given in certain in-person cash transactions. Generally, if a merchant rounds a cash transaction, a merchant must round down to the nearest multiple of 5 cents when the price or the change ends in 1 cent, 2 cents, 6 cents, or 7 cents, and round up when the price or change ends in 3 cents, 4 cents, 8 cents or 9 cents. More information is available in the Rounding Cash Transactions Tax Alert.
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Sincerely, The Maryland Office of the Comptroller |
