N.Y. rejects proposed luxury tax

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N.Y. rejects proposed luxury tax

March 30, 2009

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Albany, N.Y.--Legislators for the state of New York have rejected New York Gov. David Paterson's proposal for a luxury tax on jewelry and watches, among other products, according to a report from the American Watch Association (AWA).

This development follows an intense three-week lobbying effort by the AWA and Jewelers of America (JA), which included hiring a lobbyist to go to Albany, the New York State capital, to oppose the proposed luxury tax there. In addition, the associations also provided members with sample letter petitions and contact information for state legislators, as well as urged members 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.

The proposed luxury tax, which would have imposed an additional sales tax of 5 percent on luxury goods costing more than $20,000 (including jewelry and watches), was one element of Paterson's proposed $12.1 billion 2009-2010 fiscal year state budget, which is designed to fill an estimated $16 billion deficit over two years.

According to the AWA and JA's main lobbyist James J. Carr, "Our message and concerns were clearly heard by lawmakers in both houses, particularly those from the New York City metropolitan region. We are grateful to JA's and AWA's leadership and members, who supported our advocacy effort, and we are pleased that we were able to be successful in this very difficult fiscal climate."

This development comes on the heels of an announcement by JA on Friday that the state of Illinois has abandoned similar legislation that would have placed a 5 percent luxury tax on in-state purchases of jewelry and timepieces totaling more than $20,000.

The Senate and New York State Assembly are scheduled to vote on budget bills this week, according to the AWA.

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