Tax Help for Illinois Veterans Week of January 07, 2008 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. To learn more about military taxes, visit the Military.com Tax Center.