No Concensus Over Effort To Eliminate Geoffrey Loophole

Representative Shannon Cooper of Clinton sponsors the measure written by the State Chamber of Commerce which attempts to keep multi-state corporations from setting up sham holding companies to avoid state taxes. Cooper claims the bill gives clear rules for the Department of Revenue to follow, but Representative Clint Zweifel of Florrissant questions whether it will still allow big firms to escape paying their fair share. Though Cooper and the Chamber claim the bill tightens the rules and closes the so-called loophole, State Revenue Director Carol Fischer insists the criteria in the bill is too broad. A vote mostly along party lines has sent the bill to the full House for debate.