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 extends eligibility to those who graduate on or after January 1, 2025, and whose annual federal adjusted gross income does not exceed $75,000. It allows for up to $2,500 of their annual income tax liability to be allocated to the Connecticut first-time homebuyers account, with a cap of $5 million for all participants in any calendar year.

The bill also outlines the conditions for receiving and repaying the funds. Participants can apply for a payment equivalent to their segregated funds to be used as a down payment on a first home within ten years of graduation. If a participant moves out of the state within five years of receiving the payment, they must repay a percentage of the amount, decreasing from 100% to 20% depending on the time elapsed. After five years, there is no repayment obligation. Additionally, the Commissioner of Economic and Community Development is required to develop a public education program by December 1, 2024, to inform recent graduates about the program, savings plans, and home purchasing. The bill also amends Section 32-4k to reflect the changes in the program's establishment and the segregation of income taxes for participants, effective October 1, 2024. The purpose of the bill is to establish the Learn Here, Live Here program, increase its annual expenditure to a maximum of $5 million, and make it accessible to individuals with an annual federal adjusted gross income of up to $75,000.

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