Illinois drops plan for luxury tax

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Illinois drops plan for luxury tax

March 25, 2009

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New York--The state of Illinois has abandoned legislation that would have placed a 5 percent luxury tax on in-state purchases of jewelry and timepieces totaling more than $20,000, Jewelers of America (JA) announced.

The move by the Illinois state legislature's Revenue and Finance Committee to drop H.B. 451 drew applause from JA, which has been campaigning in conjunction with jewelers to stop the bill.

"This is an important victory for jewelers in the State of Illinois," JA President and Chief Executive Officer Matthew A. Runci said in a press release. "It sends a powerful message that the jewelry industry will not tolerate unfair tax legislation."

JA campaigned aggressively against the bill, working through both its state affiliate, the Illinois Jewelers Association, and the non-affiliated Chicago Jewelers Association.

According to the release, JA provided jewelers with sample letter petitions and contact information for state legislators.

In addition, jewelers were urged to collect employee signatures to add to the letter petitions to underline the effect a luxury tax could have on workers in the jewelry and watch industry.

JA is mounting a similar campaign in New York, where the state legislature also is considering a luxury tax of 5 percent on purchases of more than $20,000.

New York jewelers and other interested parties can request background information and letter petitions opposing the luxury tax by contacting Peggy Jo Donahue, pjdonahue@jewelers.org or (646) 658-5802, or Susan Thea Posnock, sposnock@jewelers.org or (646) 658-5806, in JA's public affairs department.

For more information about JA, visit Jewelers.org.

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