§ 44-18.1-25 - Rounding rule. - Rhode Island Statutes

SECTION 44-18.1-25

   § 44-18.1-25  Rounding rule. – (A) After December 31, 2005, each member state shall adopt a rounding algorithmthat meets the following criteria:

   (1) Tax computation must be carried to the third decimalplace, and

   (2) The tax must be rounded to a whole cent using a methodthat rounds up to the next cent whenever the third decimal place is greaterthan four.

   (B) Each state shall allow sellers to elect to compute thetax due on a transaction on an item or an invoice basis, and shall allow therounding rule to be applied to the aggregated state and local taxes. No memberstate shall require a seller to collect tax based on a bracket system.