The "Tariff Transparency Act" mandates that retail establishments disclose the portion of a product's retail price that is attributable to tariffs and other import taxes. This disclosure must be made visible on price tags, online product pages, or printed receipts, ensuring that consumers are informed about the impact of tariffs on the prices they pay. Retailers are also required to maintain records of tariff calculations and are subject to periodic audits to ensure compliance. Noncompliance can result in fines of up to $500 per violation.

Certain exemptions are included in the bill, specifically for retail establishments with annual revenues below $500,000 and for products where the tariff-related price impact is less than two percent of the final retail price. The Director of the Division of Consumer Affairs will be responsible for establishing regulations to implement the act, including the calculation and display of tariff portions in retail prices. The act will take effect 90 days after enactment, with a phased compliance approach over the first year.