The proposed bill introduces the "West Virginia for Common Cents Act," which aims to amend the Code of West Virginia by adding a new article that outlines specific tax-related provisions. This legislation defines key terms such as "Merchant" and "Legal tender," and establishes a method for calculating transaction totals for goods and services sold in the state. Specifically, it mandates that merchants round the final price to the nearest amount divisible by five based on the last digit of the total price, with specific rules for rounding up or down depending on whether the last digit is one of several specified values.

Additionally, the bill outlines exceptions to these rounding rules, stating that they do not apply to transactions totaling four cents or less, or to payments made through various electronic or negotiable instruments. It also clarifies that any tax imposed by state or municipal authorities will not apply to any gains or losses resulting from the rounding process. The Tax Commissioner is tasked with proposing rules to implement the provisions of this article, ensuring that the new regulations are effectively integrated into existing law.

Statutes affected:
Introduced Version: 11-29-1, 11-29-2, 11-29-3, 11-29-4, 11-29-5