The proposed bill, General Assembly Proposed Bill No. 100, aims to establish a first-time home buyers tax credit against the personal income tax. This credit will be available to eligible tax filers from asset-limited, income-constrained, employed households, as defined by the most recent annual report from the United Way of Connecticut. The credit will amount to three and one-half percent of the purchase price of a first home or a maximum of ten thousand dollars, whichever is less. To qualify, tax filers must have a federal adjusted gross income of less than $100,000 for single filers or $200,000 for married individuals filing jointly, and must have been employed full-time for at least nine months during the applicable taxable year.

The bill introduces new legal language to amend chapter 229 of the general statutes, specifically inserting provisions for the tax credit while not indicating any deletions from current law. The intent of the bill is to provide financial assistance to first-time home buyers who meet specific income and employment criteria, thereby promoting home ownership among lower-income households.