N.Y. state budget passes without luxury tax-Industry News-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Industry News > News Content

N.Y. state budget passes without luxury tax

4/8/2009 4:51:54 PM

New York -- The New York state legislature has officially passed the fiscal year 2009-2010 state budget and it does not include a luxury tax, Jewelers of America (JA) announced on Monday.

The proposed tax, which JA announced last week was not included in the final budget proposal, would have been 5 percent on purchases of more than $20,000, including jewelry and watches.

"Because changes to the budget can occur until the last minute, we wanted to wait until the vote had taken place--and that the luxury tax was not included--before claiming victory," JA President and Chief Executive Officer Matthew A. Runci said in a media release.

In January, JA, along with the American Watch Association, hired a lobbyist in the New York state capital of Albany to advocate on the industry's behalf.

Those efforts coincided with an aggressive letter-writing and grassroots fund-raising campaign, and an effort by the New York State Jewelers Association to galvanize members to call or write to their representatives.

The failure of a luxury tax in New York comes on the heels of the recent rejection of a luxury tax for the state of Illinois, where JA launched a similar letter-writing and fund-raising campaign.

"The success of anti-luxury tax campaigns in both New York and Illinois is especially important during these times of financial distress," Runci said.

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