Bill > SB2957

This bill, titled the Tariff Transparency Act, requires retail establishments to disclose the portion of a retail product's price that is due to tariffs, which are import taxes. This disclosure must be clearly visible at the point of sale, on online product pages, or on receipts, and can be a percentage or a dollar amount. Wholesale trade firms that sell to retailers must also keep records of tariffs paid and provide necessary information to retailers. The Act mandates periodic audits of retail establishments to ensure compliance, and violations will be considered unlawful practices under the Consumer Fraud and Deceptive Business Practices Act, meaning penalties can be enforced by the Attorney General. Certain exemptions apply, including for retail establishments with less than $500,000 in annual revenue or for products where the tariff impact is less than 2% of the final price. The Attorney General will establish rules for calculating and displaying tariff costs, as well as managing exemptions, and will maintain public lists of exempt and non-exempt entities. The bill includes a phased compliance schedule, with voluntary compliance for the first six months, followed by mandatory compliance for larger businesses and then all businesses within a year of the Act becoming law, which is 90 days after it is enacted.

https://www.ilga.gov/Legislation/BillStatus?DocNum=2957&GAID=18&DocTypeID=SB&SessionID=114&GA=104