CT SB00849

The Commissioner of Economic and Community Development must establish the Learn Here, Live Here program by October 1, 2023, to provide tax incentives for state graduates to purchase their first home in Connecticut.

Eligible graduates from public or private high schools, colleges, universities, health care training schools, or technical education schools who earned their degree on or after January 1, 2024, and have annual federal adjusted gross income not exceeding $75,000 may segregate up to $2,500 of annual income tax liability into a first-time homebuyers account.

Participants may withdraw segregated funds within ten years of graduation for their first home purchase, with a maximum of $5 million total segregated annually across all participants.

Participants who leave Connecticut must repay portions of received funds on a sliding scale: 100% if leaving within one year, declining to 20% if leaving within five years, with no repayment obligation after five years.

The Commissioner must develop and implement a comprehensive public education program by January 1, 2024, to inform recent graduates about the program and home purchasing information.