Remember that tax 'sloophole'?

Well, it's still open.

Democrats tried -- and failed -- to scuttle the controversial tax-dodge when they fell short of the two-thirds majority needed in an Assembly vote today.

The term (coined by L.A.'s own Fabian Nunez) describes the perfectly-legal practice by which yacht buyers purchase their really big boats out of state, keep them there for 90 days, then bring them home, tax-free.

"It's unconscionable to cut education and welfare and not cut this tax loophole," said John Laird (D-Santa Cruz). "Everyone needs to be part of the budget solution, even yacht owners."

Call us crazy, but seeing as how lawmakers just voted to strip schools, healthcare and welfare programs of $2 billion (yes, billion with a "b"), we're betting this isn't the last we've heard of the "sloophole."

-- Veronique de Turenne

Photo: Don Bartletti / Los Angeles Times