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Industry News: Jewelers Appeal To Congress About Taxes; Spectrum Award Calls For Entries; More June 23, 2015 (0 comments)
Jewelers Meet with Leaders on Capitol Hill
Washington, DC—The Jewelers of America Political Action Committee (JAPAC) led a delegation of jewelers to the nation's capitol last week, for the fifth consecutive year. This year’s meetings connected jewelers with over 30 lawmakers and legislative staff. The fly-in capitalized on the opportunity to discuss a new sales tax fairness bill—the Remote Transactions Parity Act (RTPA)—introduced by Congressman Jason Chaffetz (R-Utah) in the U.S. House of Representatives on June 15.
Discussion centered on the legislation, which would level the playing field between online and brick-and-mortar businesses. The group met with key supporters, including Chaffetz, who in addition to introducing the bill serves on the House Judiciary Committee, which will oversee any initial action taken on the bill.
“Traditional jewelers are losing sales to online competitors because we are required to collect sales tax on purchases made in our stores. We want to be able to compete with these sellers on a level playing field,” says JAPAC board chair Jenny Caro, owner of Jewelry by Design in Woodbridge, VA. “We applaud Congressman Chaffetz for introducing legislation which will enable us to do so.”
In addition to Chaffetz, the group met with fellow RTPA sponsor Rep. Steve Stivers (OH-15), Rep. Pete Sessions (TX-32), Chairman of the House Rules Committee, Rep. Randy Weber (TX-14), George Holding (NC-13), a member of the House Judiciary Committee, John Shimkus (IL-15), a senior member of the House Energy and Commerce Committee, and Senators Ben Sasse (R-NE), Joni Ernst (R-IA), Rob Portman (R-OH) and Richard Burr (R-NC).
“We need to make sure we’re giving you a fighting chance,” Stivers told the group. “This is about making sure the stores in our communities have a level playing field with the stores that aren’t in our communities.”
The discussion continued to focus on the need for jewelers to stay proactive on sales tax fairness, which they can do through JA’s online Advocacy Center at www.jewelers.org.
The delegation from Jewelers of America and JAPAC stand on the steps of the Capitol--under renovation--in Washington, D.C.
“We have momentum and we have key champions in the House and Senate who want to get this passed and they need our industry to stand behind them,” says JA president and CEO David J. Bonaparte. “We’re working hard to mobilize Jewelers of America members and the industry at large by targeting key lawmakers to support, sponsor and ultimately pass sales tax fairness.”
In addition to e-fairness, jewelers also discussed the protection of LIFO, the last-in, first-out accounting method, and extension of 15-year leasehold improvements depreciation.
Repeal of LIFO is an attractive revenue raising option for some legislators and the Obama administration; while currently improvements made to retail stores must be depreciated over 39 years. Jewelers of America supports inclusion of the 15-year depreciation provision in a retroactive tax extenders package, expected to be taken up by Congress later this year. In the long term, the association believes the provision should be made permanent as part of overall tax reform.
The meetings were part of a two-day agenda that included a tour of the Supreme Court and presentations from political strategists from both sides of the aisle. Three JAPAC fundraising events also were organized by JA’s legislative counsel, Haake Fetzer.
Members who took part in the trip included:
- Brian Alter, Alter’s Gem Jewelry, Beaumont, TX (JA member)
- Jenny Caro, Jewelry by Design; Woodbridge, VA (JAPAC Board Chair, JA Board)
- Bill Farmer Jr., Farmer’s Jewelers; Lexington, KY (JAPAC Board, JA Board Chairman)
- Michael and Eva Greene, Wick & Greene, Asheville, NC (JA members)
- Missy Krause, Signet Jewelers Ltd.; Akron, OH (JA member)
- Brian Mann, David Mann Jewelers; Potomac, MD (JA Board)
- Betsy Wolgemuth, Koser Jewelers, Mount Joy, PA (JA Board)
- JA president and CEO David Bonaparte
- JA director of public affairs and education Susan Thea Posnock
The group met with Congressman Jason Chaffetz (UT-3), who introduced the Remote Transactions Parity Act, a key sales tax fairness bill, last week.
AGTA Spectrum Awards Call For Entries
Dallas, TX—The American Gem Trade Association is calling for entries for its 2016 AGTA Spectrum Awards and Cutting Edge Awards. American and Canadian companies are invited to enter the competition, designed to showcase the best of natural colored gemstone and cultured pearl jewelry design.
Entry fees are $295 for the first entry and $225 for each additional entry. Entries, paperwork, and payments are due Friday, September 18. Mail to: AGTA, 3030 LBJ Freeway, Suite 840, Dallas, TX 75234.
Actress Bellamy Young wears a selection of pieces from the 2015 Spectrum Awards competition.
For more details, visit AGTA.org/Awards or call (214) 742-4367 or (800) 972-1162.
Registration Is Open For Summer International Diamond Week
Ramat Gan, Israel—Registration is open for the summer edition of the International Diamond Week in Israel (IDWI) (August 31 - September 4, 2015). Registered and confirmed buyers will be offered three free nights in the IDWI venue hotel.
The Israel Diamond Exchange, hosts of the event, is partnering with the Diamond Dealers Club of New York and the Antwerp Diamond Bourse (Beurs voor Diamanthandel) to provide an ideal platform for international diamond traders and buyers to meet and conduct business. Both exchanges will be represented by delegations of their members on the IDE trading floor in August and IDE president Shmuel Schnitzer says several other members of the World Federation of Diamond Bourses (WFDB) have told him they will bring delegations of their members to Israel for the first time in August.