House Bill No. 8002 establishes a comprehensive framework for first-time homebuyer savings accounts in Connecticut, effective January 1, 2026. The bill defines key terms such as "account holder," "qualified beneficiary," and "eligible costs," which include down payments and allowable closing costs for purchasing a primary residence. It allows individuals to set up these accounts with financial institutions, mandates that funds be used exclusively for eligible costs, and outlines the responsibilities of account holders, including tax return submissions. The bill also introduces provisions for contributions from various sources, including employers, and imposes civil penalties for non-compliance with withdrawal rules. Additionally, it amends existing tax laws to clarify the treatment of certain income types and introduces new deductions related to first-time homebuyer savings accounts.

Furthermore, the bill mandates municipalities to develop housing growth plans, which must be submitted to the Secretary of the Office of Policy and Management, and outlines the requirements for these plans, including strategies for affordable housing development. It establishes a new Council on Housing Development to oversee housing policies and introduces a housing growth program to provide grants for public infrastructure improvements related to new housing developments. The bill also modifies zoning regulations to facilitate middle housing development and improve the approval process for residential projects, while enhancing tenant protections in rental agreements. Overall, House Bill No. 8002 aims to promote homeownership, enhance affordable housing initiatives, and streamline housing development processes in Connecticut.

Statutes affected:
New Bill: 12-701, 8-2o, 8-2s, 8-2, 8-2c, 8-3, 3-129g, 21-83, 29-195, 8-68d, 8-37r
Public Act No. 25-1: 12-701, 8-2o, 8-2s, 8-2, 8-2c, 8-3, 3-129g, 21-83, 29-195, 8-68d, 8-37r