Mo. officials look to gain from Ill. tax increases

JEFFERSON CITY, Mo. -- Missouri business and government officials hope to capitalize on a neighboring state's decision to raise taxes.

Illinois legislators voted Wednesday to increase personal income taxes 66 percent and raise corporate taxes to help close a budget hole that could hit $15 billion.

The Missouri Chamber of Commerce and Industry said it's looking for ways to help Missouri take advantage of Illinois' tax increases.

And Missouri lawmakers see potential to attract new businesses.

House Republican Denny Hoskins, of Warrensburg, Mo., said the Illinois tax increases could help Missouri recruit new companies. A House committee Wednesday took up Hoskins' bill to offer small businesses a tax deduction for hiring new employees.