A new state law erases the need for pennies in cash transactions, and businesses are being told to round down to the nearest nickel.
President Donald Trump ordered the treasury to stop producing one cent coins last year, and lawmakers say Public Law 128 will ease Hoosiers into a penniless economy.
That mostly affects cash-heavy businesses, such as dispensaries.
According to Geoffrey Livingston, a cannabis consultant at Hope’s Dispensary in downtown Bloomington, rounding to nickels is something they’ve done for a while.
“Because we just don't have pennies, or we're out of them, or what have you,” Livingston said. “The phasing out of that monetary denomination is widespread at this point.”
Indiana’s Legislative Services Agency anticipates slightly lower revenue from sales tax as a result – up to $2 million per year.
The 140-page law signed Thursday by Gov. Mike Braun contains other changes to state taxes to get in line with new federal provisions in last summer’s One Big Beautiful Bill Act.
