CT HB05162

Commissioner of Economic and Community Development shall establish the Learn Here, Live Here program to incentivize graduates of Connecticut public institutions, private universities, colleges, health care training schools, and technical education schools to purchase their first home in the state.

Graduates who earned their degree on or after January 1, 2021, may have up to $2,500 of their annual income tax liability segregated into a first-time homebuyers account, with a maximum of $1 million total segregated across all program participants in any calendar year.

Participants may withdraw segregated funds within ten years of graduation to use as down payment on their first home in Connecticut, with payment amounts equal to segregated funds or deposited in the General Fund if excess.

Participants who relocate out of state face graduated repayment obligations ranging from 100% within one year to 20% within five years after payment issuance; no repayment required after five years.

Commissioner shall develop and implement a comprehensive public education program by January 1, 2021, to inform recent graduates about the program, including information on lifetime savings plans and home purchase guidance.