House Gives Initial Approval To Bill To End "Geoffrey Loophole"

The House has given preliminary approval to legislation to deal with the so-called Geoffrey Loophole, which allows multi-state corporations from avoiding Missouri income taxes by transferring money to out-of-state holding companies. The legislation, drafted by the Missouri Chamber of Commerce, would effectively close the corporate tax loophole without increasing taxes on Missouri businesses. Another positive vote is needed before the legislation can be sent to the Senate.