Bill > A5922

This bill, known as the Tariff Transparency Act, requires retail establishments in New Jersey to disclose the portion of a product's retail price that is attributable to tariffs (import taxes paid to U.S. Customs and Border Protection). Retailers must display this tariff-related price information on point-of-sale tags, online product pages, and receipts, with the specific method of disclosure to be determined by the Director of the Division of Consumer Affairs. Wholesale trade firms and importers must maintain records of tariff calculations and provide necessary information to retailers. The bill applies to retail establishments with annual revenues over $500,000 and excludes products where tariffs represent less than 2% of the final price. The implementation will be phased in over 12 months, with the first six months being voluntary and the second six months applying only to retailers with $5 million or more in annual sales. Periodic audits will be conducted to ensure compliance, with potential fines up to $500 per violation. The Director of Consumer Affairs is tasked with developing regulations for calculating and displaying tariff pricing, and maintaining a public list of commodities and establishments subject to or exempt from the act.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A5922