CT HB05185

Establishes a Young Professionals Urban Housing Incentive program allowing the Commissioner of Housing to provide tax incentives to recent college graduates living in designated urban areas.

Eligible participants must graduate on or after January 1, 2016, from a public institution, private university, or regional community-technical college, and carry at least $20,000 in student loan debt.

Eligible participants may deduct up to 10 percent of annual rental or mortgage payments from personal income tax liability, with a maximum annual deduction of $1,200.

Participants are eligible for the program during the year of graduation plus nine additional taxable years, with reapplication required every two years; benefits cease if participant stops paying rent or mortgage on a primary residence in a designated urban area.

Effective October 1, 2015, with tax code amendments effective July 1, 2015, for taxable years beginning January 1, 2015 and later.