CT HB05424

Establishes the Learn Here, Live Here program as a mandatory requirement (rather than optional) for the Commissioner of Economic and Community Development to implement, in consultation with the Commissioner of Revenue Services and the president of the Board of Regents for Higher Education.

Provides tax incentives for graduates of Connecticut public institutions of higher education, private universities or colleges, health care training schools, or technical high schools to purchase a first home in the state by segregating up to $2,500 of annual income tax liability per participant.

Allows eligible graduates who received their degree on or after January 1, 2016 to have segregated tax funds placed in a Connecticut first-time homebuyers account and withdrawn within ten years of graduation to use as a down payment on their first home purchase.

Establishes a repayment obligation if a participant moves out of state within five years of receiving a payment, with the repayment percentage declining from 100% (if leaving within one year) to 20% (if leaving within five years).

Requires the Commissioner of Economic and Community Development to develop and implement a comprehensive public education program by January 1, 2017 to inform recent graduates about the program, including information on lifetime savings plans and homebuying.