CT HB05275

Changes the Learn Here, Live Here program from discretionary ("may") to mandatory ("shall"), requiring the Commissioner of Economic and Community Development to establish it in consultation with the Commissioner of Revenue Services and the president of the Board of Regents.

Expands program eligibility to include graduates establishing new businesses in Connecticut, in addition to first-time homebuyers, effective for graduates on or after January 1, 2015.

Allows recent graduates to segregate up to $2,500 annually in income tax liability into the Learn Here, Live Here account for up to 10 years after graduation, with a maximum of $1 million total segregated statewide per calendar year.

Permits participants to withdraw segregated funds for down payments on first homes or start-up costs for new businesses, with repayment obligations if they leave the state within five years (ranging from 100% repayment within one year to 20% within five years).

Requires the Commissioner to develop a comprehensive public education program by December 1, 2014 to inform graduates about the program, with implementation to begin by January 1, 2015.