Senate Bill 2350 allows a veteran returning from armed conflict to apply the "returning veterans’ homestead exemption" to the following taxable year, provided he or she purchases the house after January 1st, and owns and occupies the house as of January 1st, of the following year.

The current law provides a $5,000 homestead exemption for veterans returning from armed conflict. But as the law exists today, the veteran must take the exemption in the taxable year in which they return home. Senate Bill 2350 allows the veteran to take the exemption the following tax year, provided they purchased their house after January 1st, of the current year.

During this legislative session, Holmes has also introduced a bill that will assist small businesses owned and operated by veterans. Senate Bill 3817 allows the Department of Commerce and Economic Opportunity (DCEO) to make loans to veteran-owned small businesses, in the same manner as they do with minority-owned, female-owned and disabled-owned small businesses. With Holmes’ bill, veterans will be included as part of DCEO’s Minority, Women, and Disabled Participation Loan Program. The program will provide loans up to $50,000 or 50% of the total project through the Build Illinois Bond Act.

"Creating and maintaining businesses in Illinois is extremely important to the success of our state’s economy," Holmes stated. "This legislation will encourage our residents (who are veterans) to open new businesses and qualify them for the same benefits that other minority-owned businesses utilize. It is crucial that we invest in these individuals who have invested so much in the protection of our citizens."

Senate Bill 3817 is expected to pass the Senate before the 3rd reading deadline on March 19th.