With the US government stopping the production of the penny, many people were worried that a cashless society would be coming next. It looks like that won’t happen in New York State
Cash Acceptance Law Coming To New York State In 2026
New York State Governor Kathy Hochul last month signed a cash acceptance bill into law last month, and it will soon take effect across the state.
The new law requires that businesses in New York State must accept cash as a form of payment for in-person transactions. The law also requires businesses not to charge higher prices to customers who pay with cash. This includes rounding practices that would result in cash users paying more than those using other payment methods.
Expectations To The New Law
The new law does make some exceptions for businesses. These include vending machines, parking facilities, live sporting events, or rentals of consumer goods. That means places like sports stadiums can remain cashless after the new law goes into effect.
When Does The New Law Go Into Effect?
The law is expected to go into effect 120 days after it was signed into law. That should happen in March of 2026.
This is not the only new law that affects New Yorkers’ money. The minimum wage is also set to increase at the start of the year. This will be the third and final time the minimum wage will increase before it becomes tied to the inflation index.
READ MORE: WALMART SET TO CLOSE ALL ITS STORES IN NEW YORK STATE THIS MONTH
Minimum wage workers in New York City will get $17 per hour, while workers around the state will get an increase to $16.50 per hour.
New Year, New Laws in New York & Nationwide
Gallery Credit: Credit – Polly McAdams