If you are in Illinois go ahead and splurge on that piece of bling. Jewelers of America has
announced in a press release that the Illinois State Legislature's Revenue and Finance Committee has opted not to move forward with HB 451, a bill that would have slapped a five percent luxury tax on watch and jewelry purchases over $20,000. Jewelers of America had created an anti-luxury-tax letter and fundraising campaign to stop the bill fearing the impact the luxury tax could have on the industry. Now Jewelers of America is setting their sights on New York which also has a similar luxury tax proposal that calls for a percent tax on jewelry and watches over $20,000.
Reader Comments (Page 1 of 1)
just me Mar 26th 2009 11:31AM
Well we already have a 10.25% sales tax on all purchases and frankly, it keeps me from shopping sometimes.