CT HB05017

Establishes the mandatory "Learn Here, Live Here" program requiring the Commissioner of Economic and Community Development, in consultation with the Commissioner of Revenue Services and the Board of Regents for Higher Education, to create an incentive program for recent graduates to purchase first homes in Connecticut.

Allows graduates (on or after January 1, 2014) from Connecticut public institutions of higher education, private universities or colleges, health care training schools, or technical high schools to set aside up to $2,500 of annual income tax liability into a Connecticut first-time homebuyers account, with a statewide cap of $1 million per calendar year.

Permits participants to withdraw accumulated segregated funds within ten years after graduation to use as a down payment on their first home in Connecticut.

Requires repayment of funds on a sliding scale if a participant relocates out of state within five years of the home purchase (100% repayment within one year, declining to 20% after four years, with no obligation after five years).

Directs the Commissioner to develop a public education program by December 1, 2013, to inform recent graduates about the program, with implementation beginning by January 1, 2014; effective date is July 1, 2013.