CT SB00163

Mandates the Commissioner of Economic and Community Development establish the Learn Here, Live Here program by July 1, 2017, to incentivize graduates to purchase first homes in Connecticut.

Allows graduates from Connecticut public institutions of higher education, private universities or colleges, health care training schools, or technical high schools who graduated on or after January 1, 2014, to segregate up to $2,500 annually in income tax liability into a first-time homebuyers account.

Limits total annual segregation across all program participants to $1 million per calendar year, with withdrawal permitted within ten years of graduation for first home purchase in Connecticut.

Establishes repayment obligations if participants leave the state within five years of receiving payment, ranging from 100% repayment within one year to 20% repayment within five years, with no obligation after five years.

Requires the Commissioner to develop a comprehensive public education program by July 1, 2017, to inform recent graduates about the program and homebuying information.