Bill > S4808

This bill, known as the Tariff Transparency Act, requires retail establishments 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 show this tariff-related cost as a percentage or dollar amount on price tags, online product pages, or sales receipts, helping consumers understand the hidden costs of imported goods. The bill applies to businesses with annual revenues over $500,000 and covers products where tariffs represent more than two percent of the final price. Retailers must maintain documentation supporting their tariff calculations and will be subject to periodic compliance audits, with potential fines up to $500 per violation. The Director of the Division of Consumer Affairs will develop regulations for calculating and displaying tariff pricing, with a phased implementation approach: the first six months will be voluntary, the next six months will only apply to retailers with $5 million or more in annual sales, and full compliance will be required 12 months after the act's effective date. The bill aims to increase transparency in pricing and help consumers make more informed purchasing decisions by revealing the direct impact of trade-related import taxes on product costs.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S4808