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1 New Section; The State and Its Government; Department of Business and Economic Affairs; Tariffs Are A Tax Act. Amend RSA 12-O by inserting after section 76 the following new section:
12-O:77 Annual Report on the Impacts of Tariffs.
I. This section shall be known as the "Tariffs Are a Tax Act".
II. The general court hereby finds that:
(a) President Donald J. Trump announced that he will impose a 25 percent sweeping tariff on Canada on March 1, 2025.
(b) Canada is New Hampshire's number one export market, totaling $1.4 billion in annual goods.
(c) New Hampshire imports $2 billion in goods from Canada annually, including $444 million in fuel oil, $111 million in fish and crustaceans, and $78 million in wood products.
(d) Officials from the Canadian government have said that a tariff on these imports from Canada will directly result in higher costs for New Hampshire residents for goods such as gas, seafood, groceries, fresh fruit and vegetables like blueberries and potatoes, durable goods, and housing production.
(e) 182,000 New Hampshire jobs rely on international trade.
III. The commissioner shall prepare a report to be presented no later than October 1, 2025, to the governor, executive council, the fiscal committee of the general court, the president of the senate, the speaker of the house of representatives, and the state library. The report shall be posted online on the website of the department. The report shall detail:
(a) The specific cost increases, both direct and indirect, broken down by the specific good or service sold in New Hampshire, as a result of the tariffs outlined in paragraph II.
(b) The number of jobs impacted by the tariffs outlined in paragraph II, including the number of jobs lost, if applicable.
(c) The lost revenue to New Hampshire businesses as a result of the tariffs in paragraph II.
2 Effective Date. This act shall take effect upon its passage.
Text to be added highlighted in green.
1 New Section; The State and Its Government; Department of Business and Economic Affairs; Tariffs Are A Tax Act. Amend RSA 12-O by inserting after section 76 the following new section:
12-O:77 Annual Report on the Impacts of Tariffs.
I. This section shall be known as the "Tariffs Are a Tax Act".
II. The general court hereby finds that:
(a) President Donald J. Trump announced that he will impose a 25 percent sweeping tariff on Canada on March 1, 2025.
(b) Canada is New Hampshire's number one export market, totaling $1.4 billion in annual goods.
(c) New Hampshire imports $2 billion in goods from Canada annually, including $444 million in fuel oil, $111 million in fish and crustaceans, and $78 million in wood products.
(d) Officials from the Canadian government have said that a tariff on these imports from Canada will directly result in higher costs for New Hampshire residents for goods such as gas, seafood, groceries, fresh fruit and vegetables like blueberries and potatoes, durable goods, and housing production.
(e) 182,000 New Hampshire jobs rely on international trade.
III. The commissioner shall prepare a report to be presented no later than October 1, 2025, to the governor, executive council, the fiscal committee of the general court, the president of the senate, the speaker of the house of representatives, and the state library. The report shall be posted online on the website of the department. The report shall detail:
(a) The specific cost increases, both direct and indirect, broken down by the specific good or service sold in New Hampshire, as a result of the tariffs outlined in paragraph II.
(b) The number of jobs impacted by the tariffs outlined in paragraph II, including the number of jobs lost, if applicable.
(c) The lost revenue to New Hampshire businesses as a result of the tariffs in paragraph II.
2 Effective Date. This act shall take effect upon its passage.