The bill proposes the repeal of section 144.285 of the Revised Statutes of Missouri and enacts a new section that addresses sales transaction rounding. The new legislation allows vendors to round the total amount due on cash transactions to the nearest five cents, with specific guidelines for rounding based on the final total of the transaction. For example, totals ending in $0.01, $0.02, $0.06, or $0.07 may be rounded down, while those ending in $0.03, $0.04, $0.08, or $0.09 may be rounded up. This rounding is applicable only to cash transactions and does not affect transactions made via credit, debit, or other non-cash methods. Additionally, the bill clarifies that the amounts charged by vendors in accordance with this rounding provision will not be included in their gross receipts if separately stated. It also ensures that vendors acting in good faith and in compliance with the new rules will not be in violation of any state or local laws. The bill includes provisions for the distribution of sales tax remitted by taxpayers to local political subdivisions, ensuring that any unpaid balance is prorated among the relevant jurisdictions.

Statutes affected:
Introduced (6240H.01): 144.285
Committee (6240H.02): 144.285
Perfected (6240H.02): 144.285