N.Y. state considers increasing luxury goods tax

Public Policy And Issues

Save

E-mail

N.Y. state considers increasing luxury goods tax

December 16, 2008

Similar Stories | Topics

STORIES

Jeweler sentenced for stealing customers' jewels

Jeweler awards $25K for half-court hoop shot

Northeastern Fine Jewelry offers diamond giveaway for theater anniversary

N.Y. rejects proposed luxury tax

Jeweler to light Ronald McDonald House

TOPICS

Albany, N.Y.--An additional sales tax of 5 percent on luxury goods costing more than $20,000--including jewelry--is one element of New York Gov. David Paterson's proposed $12.1 billion state budget, according to information provided by the governor's office.

The tax increase would also impact purchases of cars costing more than $60,000, vessels (including but not limited to yachts) costing more than $200,000 and non-commercial aircrafts costing more than $500,000.

The 2009-2010 fiscal year budget, unveiled in the state capital of Albany on Tuesday, is designed to fill a $15.4 billion deficit over two years and includes a myriad of tax increases, as well as layoffs and a reduction in school aid, The Associated Press reports.

Also included alongside the proposed luxury tax increase is an elimination of the sales tax exemption on clothing and footwear less than $110, replacing it instead with a twice-a-year tax holiday during which clothing and footwear under $500 would not be subject to sales tax, according to information provided by the governor's office.

Paterson presented the budget a month early to try to deal with what he terms as a historic fiscal crisis in New York state, a state hit hard by the current economic crisis, according to the AP.

"In his inaugural address, President Franklin Roosevelt told a nation in the grips of the Great Depression that now is 'the time to speak the truth, the whole truth, frankly and boldly,'" he said in prepared remarks released before his morning presentation, according to the AP. "Today, we, too, cannot shrink from the challenges ahead."

Save

E-mail

Public Policy And Issues

NRF applauds passage of 'carryback' legislation

Washington--The National Retail Federation (NRF) is welcoming passage of legislation that will allow retailers and other businesses to lengthen the period during which they can "carry back" current losses to claim a tax refund from previous years when they made a profit. Read More

FTC extends Red Flags Rule enforcement deadline

Gold buy-backs of interest as IRS visits jewelers

IRS asks JVC for help in training AML examiners

NRF asks Senate to approve 'carryback' amendment

More Public Policy And Issues

More Like This

Jeweler sentenced for stealing customers' jewels

April 03, 2007 | National Jeweler Network

Jeweler awards $25K for half-court hoop shot

February 25, 2009 | National Jeweler Network

Northeastern Fine Jewelry offers diamond giveaway for theater anniversary

September 28, 2006 | National Jeweler Network

N.Y. rejects proposed luxury tax

March 30, 2009 | National Jeweler Network

Jeweler to light Ronald McDonald House

November 03, 2006 | National Jeweler Network

TOPICS

Design Portfolio

BROWSE

Video

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.

Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.

ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.

Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.

Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.

CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.