This bill mandates the commissioner of the Department of Business and Economic Affairs to compile a report assessing the impact of tariffs on residents of New Hampshire and Canada. It introduces a new section, 12-O:77, titled the "Tariffs Are a Tax Act," which outlines the necessity of this report in light of President Trump's announcement of a 25 percent tariff on Canada set to take effect on March 1, 2025. The bill highlights the significance of trade between New Hampshire and Canada, noting that Canada is the state's largest export market and that a substantial amount of goods are imported from Canada, which could lead to increased costs for New Hampshire residents.

The report, due by October 1, 2025, will provide detailed information on the direct and indirect cost increases for specific goods and services, the number of jobs affected, and the revenue losses for New Hampshire businesses due to the tariffs. The findings will be presented to various state officials and made publicly available on the department's website. The bill does not include any deletions from current law but adds new legal language to establish the reporting requirement.