No New Luxury Taxes!

Proposals in Illinois and New York that would have added a 5 percent tax to purchases of fine jewelry and timepieces over $20,000 have been killed. The proposals spurred furious lobbying and letter-writing campaigns from Jewelers of America, Chicago Jewelers Association, and American Watch Association. JA CEO Matthew A. Runci said the campaigns sent “a powerful message that the jewelry industry will not tolerate unfair tax legislation.”