House Speaker Offers Hope For One Holden Special Session Initiative

At least one of Governor Bob Holden’s four proposals to raise additional money for education seems to have a chance of passing the special legislative session that begins today. Talk is focusing on the so-called Geoffrey loophole, named for the mascot of Toys-R-Us. The Holden Administration claims the loophole allows corporations to avoid paying Missouri income taxes by locating their headquarters elsewhere. House Speaker Catherine Hanaway says she has been studying the proposal. She and other Republican leaders in the House give little chance for Holden, a Democrat, to get his other proposals through during this special legislative session. Holden has been called on the legislature to close the so-called corporate tax loopholes for more than a year now. So far, lawmakers have rebuffed his efforts.