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The Economic Times
The Economic Times
National
Trending Desk

US Congress advances penny phaseout bill: What it means for you, the rounding rules, and how cash transactions could change

United States

The US federal government stopped producing pennies for general circulation before Congress established a legal framework for businesses to operate without the one-cent coin. The proposed Common Cents Act aims to fill that gap and has now cleared both the House and the Senate in substantially similar forms.

The House passed H.R. 3074 on July 14, 2026, while the Senate approved S. 1525 on August 7 after adopting a substitute amendment that closely aligns with the House version.

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