CT HB06456

Establishes the Learn Here, Live Here program allowing graduates (as of January 1, 2013) of Connecticut public or independent higher education institutions and regional vocational-technical schools to have a portion of their income tax segregated into the Connecticut First-Time Homebuyers Fund for up to ten years after graduation.

Creates the Connecticut First-Time Homebuyers Fund as a separate, nonlapsing account within the General Fund to hold segregated income tax amounts, with investment earnings credited to the account and unused funds transferred back to the General Fund.

Requires regulations by January 1, 2012 establishing a cap on segregated funds starting at five percent of participating graduates' income tax liability in the first year, with increases during years two through ten according to specified criteria.

Mandates a comprehensive public education program by January 1, 2013 to inform recent graduates about the program, including information on lifetime savings plans and home purchasing.

Requires annual reporting to the Commissioner of Economic and Community Development beginning September 1, 2013 on program participation, account totals, disbursements, and recommendations for program or legislative changes.