CT HB05664

Establishes the "Learn Here, Live Here" program as a mandatory initiative (changed from discretionary) requiring the Commissioner of Economic and Community Development to administer it in consultation with the Commissioner of Revenue Services and Board of Regents for Higher Education.

Allows graduates from Connecticut public institutions of higher education, private universities/colleges, health care training schools, and technical high schools (graduating on or after January 1, 2015) to elect participation and have up to $2,500 of annual income tax liability segregated into a Connecticut first-time homebuyers account.

Permits participants to withdraw segregated funds within ten years of graduation to purchase their first home in Connecticut, with a program cap of $1 million in segregated funds per calendar year.

Imposes graduated repayment obligations if participants cease living in Connecticut within five years of payment issuance, ranging from 100% repayment within one year down to 20% repayment within five years.

Requires the Commissioner of Economic and Community Development to develop and implement a comprehensive public education program by January 1, 2017 (changed from 2014) to inform recent graduates about the program and homebuying information.