If you’re an Illinois veteran of OIL, OIF, or OEF, and live in Illinois, you’ve got some mortgage help available to you.

Two new tax laws affect Illinois veterans and their employers. The Returning Veterans Homestead Exemption gives qualifying veterans a one-time $5,000 reduction to their home's equalized assessed value. The Disabled Veterans Standard Homestead Exemption provides a reduction in a property's equalized assessed value for a veteran with a service-connected disability. Also the Veteran's Tax Credit is a new state income tax credit available to employers for every qualified veteran they hire. For more information about the Veteran's Tax Credit or the property tax exemptions for veterans, visit the Illinois Department of Revenue website or call the Illinois Department of Revenue at (800) 732-8866.

The Veterans’ Tax Credit is an especially interesting idea, because there’s a lot of anecdotal data out there about returning vets finding their jobs either no longer exist or have been filled by someone else in their absence.

There are two Federal laws protecting the civilian jobs of soldiers called to active duty. The Soldiers and Sailors Relief Act and the Uniformed Services Employment and Reemployment Rights Act not only protect your job, but have provisions to safeguard your financial situation against unreasonable interest payments and other debts while on active duty.

Check with your Battalion or Brigade S1 for specific instances. You should also be given specific information during your REFRAD or discharge processing.