“If we can’t keep track of where we stand financially, how can we possibly get our
fiscal house in order?” – Senator Linda Holmes

SPRINGFIELD, IL – Archaic. That was the word used to describe Illinois’ outdated and inefficient accounting systems, according an Auditor General’s report last year. But major reform legislation, sponsored by Illinois Senator Linda Holmes (D-Aurora), advanced the Senate today to ensure state
agencies are more timely and accurate when processing financial reporting data.

Senate Bill 3794 is the culmination of more than a years-worth of meetings and negotiations after a February 2011 audit revealed the state’s current way of financial reporting is comprised of over 250 different and extremely costly accounting systems. And over 80% of the outdated systems are not compliant with Generally Accepted Accounting Principles (GAAP).

These factors have resulted in untimely financial reporting of the true financial position of the State, negatively affecting the State’s bond rating and jeopardizing federal funding opportunities.

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“Helping employers hire veterans is good for business, good for the economy, and the
right thing to do.” – Senator Linda Holmes

SPRINGFIELD, IL – Legislation co-sponsored by State Senator Linda Holmes (D-Aurora) aimed at encouraging businesses to hire unemployed veterans passed the Illinois Senate earlier today. The measure, Senate Bill 3241, gives employers a 20% tax credit when they hire an unemployed veteran who has served on active duty since September 11, 2001.

“Unemployment among our veterans far exceeds national averages,” Holmes said. "Returning veterans have already proven themselves to be committed, disciplined, and experienced workers – helping employers hire veterans is good for business, good for the economy, and the right thing to do."

Under current law, businesses are entitled to a tax credit equal to 10% of wages paid to Iraq and Afghanistan veterans. Holmes’ legislation focuses on the unemployed veteran by giving a 20% tax credit to employers who hire such veterans.  For the business to receive the tax credit, the newly-hired veteran must have been:

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