This bill mandates the commissioner of the Department of Business and Economic Affairs to compile a report assessing the impact of tariffs on Canada and New Hampshire residents. 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 residents.

The report, due by October 1, 2025, will include detailed analyses of cost increases for specific goods and services, the number of jobs affected by the tariffs, and the revenue losses for New Hampshire businesses. The findings will be presented to various state officials and made publicly available on the department's website. The bill does not delete any existing legal language but adds new provisions to address the economic implications of the proposed tariffs.