SENATE BILL 15

46th legislature - STATE OF NEW MEXICO - first session, 2003

INTRODUCED BY

Allen V. Hurt







AN ACT

RELATING TO PRICING; REQUIRING THAT PRICES FOR GOODS AND SERVICES BE ROUNDED TO THE NEAREST AMOUNT DIVISIBLE BY FIVE CENTS.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. REQUIRING CASH VALUES TO BE ROUNDED TO THE NEAREST AMOUNT DIVISIBLE BY FIVE CENTS.--A person selling goods or services shall determine the total transaction value of such goods or services in the following manner:

A. if the total value of the transaction of goods and services, after the imposition of all applicable taxes, is totaled to a sum ending in one cent ($.01), two cents ($.02), six cents ($.06) or seven cents ($.07), that sum shall be rounded down to the nearest amount divisible by five for those seeking to make payment with legal tender; or

B. if the total value of the transaction of goods and services, after the imposition of all applicable taxes, is totaled to a sum ending in three cents ($.03), four cents ($.04), eight cents ($.08) or nine cents ($.09), that sum shall be rounded up to the nearest amount divisible by five for those seeking to make payment with legal tender.

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2003.

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