Various tax matters.

Summary

The bill creates a new “Penny Phaseout” article that requires state and local tax amounts to be rounded down to the next multiple of five cents for cash transactions, and it updates the definition of gross retail income to clarify what is taxable. It affects tax agencies, retailers, and anyone who pays or collects state or local taxes, aiming to simplify payments and clarify taxable revenue. The changes become effective on January 1, 2027.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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