Senate Bill No. 576 establishes the Learn Here, Live Here program, which is to be implemented by the Commissioner of Economic and Community Development in collaboration with other state officials by October 1, 2025. The program is designed to encourage graduates from Connecticut high schools, public and private higher education institutions, and health care training schools to purchase their first homes in the state. Eligible participants, defined as those graduating on or after January 1, 2026, with an annual federal adjusted gross income not exceeding $75,000, can segregate up to $2,500 of their income tax liability annually into a first-time homebuyers account, with a total cap of $5 million for all participants in any calendar year. The bill also includes provisions for repayment if participants relocate out of state within five years of receiving funds.

Furthermore, the bill mandates the development of a public education program to inform recent graduates about the Learn Here, Live Here initiative and related home-buying information, with implementation required by January 1, 2026. It repeals and replaces existing statutes, increasing the annual expenditure cap from $1 million to $5 million and expanding eligibility criteria to include in-state high school graduates. The bill also outlines administrative costs, including $100,000 for setup and programming for the Department of Revenue Services, and ongoing expenses for the Department of Economic and Community Development. Overall, SB576 aims to provide enhanced support for graduates in purchasing homes in Connecticut while ensuring effective oversight of the program.

Statutes affected:
Committee Bill: 32-4i, 32-4k
CE Joint Favorable: 32-4i, 32-4k
File No. 422: 32-4i, 32-4k