House Advances Bill That Would Settle Penny Issue
The U.S. House of Representatives has passed the Common Cents Act, moving the federal government toward ending the production of the penny.
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The brief
The House of Representatives has voted to halt the minting of the penny under the Common Cents Act. Introduced by Robert Garcia and Lisa McClain, the legislation seeks to phase out the coin's production.
Coverage from outlets including Bloomberg Tax, CBS News, and the National Taxpayers Union highlights the potential for taxpayer savings and the logistical implications for commerce. Industry groups, such as the National Grocers Association and the Commercial Carrier Journal, have noted the shift, with some raising concerns regarding how cash transactions will be handled in a post-penny environment.
Observers are looking to the next steps for the legislation as it moves toward becoming law. Coverage does not yet specify a timeline for the final cessation of production or the implementation of specific rounding procedures for cash transactions.
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Quick answers
What is the name of the legislation?
The bill is known as the Common Cents Act.
Who introduced the bill?
Robert Garcia and Lisa McClain announced the passage of the legislation.
What concerns have businesses raised?
The Commercial Carrier Journal reports that truck stops are seeking solutions for how to manage cash transactions if pennies are no longer produced.
Coverage (9)
- House approves Rep. Robert Garcia’s bill making major changes to loose change Orange County Register · 14h ago
- Minting of Pennies Would Be Halted Under Bill Passed by House news.bloombergtax.com · 14h ago
- Penny faces final stretch after House votes to halt production Cronkite News · 14h ago
- Press Release: Robert Garcia and Lisa McClain Announce House Passage of Common Cents Act to End Penny Production Quiver Quantitative · 14h ago
- Bill Would Phase Out Pennies, Save Taxpayers Money National Taxpayers Union · 14h ago
- Truck Stops Demand Fix For Penniless Cash Transactions Commercial Carrier Journal · 14h ago
- NGA Backs House Passage Of Penny-Rounding Legislation The Shelby Report · 14h ago
- The Common Cents Act is closer to becoming law. What would it mean for businesses and consumers? CBS News · 14h ago
- House Advances Bill That Would Settle Penny Issue Newser · 14h ago
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