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 consumers are informed about the impact of tariffs on their purchases. 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 retail establishments generating less than $500,000 in annual revenue and products with a tariff-related price impact of less than two percent are exempt from these requirements. The Director of the Division of Consumer Affairs will establish regulations for the calculation and display of tariff portions in retail prices, as well as maintain a list of exempt commodities. The act will be implemented in phases, with voluntary compliance for the first six months, followed by mandatory compliance for larger retailers in the subsequent six months, and full enforcement occurring 12 months after enactment.