Raised Bill No. 160, introduced in the February Session, 2024, proposes amendments to the Learn Here, Live Here program. The bill mandates the Commissioner of Economic and Community Development, in consultation with the Commissioner of Revenue Services and the president of the Connecticut State Colleges and Universities, to establish the program by October 1, 2025. The program is designed to incentivize graduates from public or private high schools, higher education institutions, or health care training schools in Connecticut to purchase their first home in the state. The bill introduces changes such as extending eligibility to graduates with an annual federal adjusted gross income of not more than seventy-five thousand dollars and increasing the maximum annual income tax liability that can be segregated into the Connecticut first-time homebuyers account from two thousand five hundred dollars to five million dollars for all participants.

The bill also outlines the process for participants to apply for a payment towards a down payment on a house after a period not exceeding ten years post-graduation. It specifies repayment obligations if a participant moves out of the state within five years after receiving the payment, with a decreasing repayment percentage over time and no obligation after five years. Additionally, the bill requires the Commissioner of Economic and Community Development to develop a public education program about the Learn Here, Live Here program by December 1, 2024, and to implement it by January 1, 2025. The bill also amends Section 32-4k to reflect the changes in the program, effective October 1, 2024. The purpose of the bill is to establish the Learn Here, Live Here program, increase the annual expenditure to five million dollars, and make the program available to individuals with an annual income below seventy-five thousand dollars.

Statutes affected:
Raised Bill: 32-4i, 32-4k