Banking Committee
JOINT FAVORABLE REPORT
Bill No.: HB-5027
AN ACT REQUIRING THE BANKING COMMISSIONER TO ESTABLISH A
FIRST-TIME HOMEBUYER SAVINGS ACCOUNT PROGRAM AND
ESTABLISHING A TAX DEDUCTION FOR CONTRIBUTIONS TO FIRST-TIME
Title: HOMEBUYER SAVINGS ACCOUNTS.
Vote Date: 2/23/2021
Vote Action: Joint Favorable Substitute
PH Date: 2/18/2021
File No.: 66
Disclaimer: The following JOINT FAVORABLE Report is prepared for the benefit of the
members of the General Assembly, solely for purposes of information, summarization and
explanation and does not represent the intent of the General Assembly or either chamber
thereof for any purpose.
SPONSORS OF BILL:
Banking Committee
Representative Tom Delnicki, 14th Dist.
Representative Gary A. Turco, 27th Dist.
Representative Travis Simms, 140th Dist.
REASONS FOR BILL:
To amend the general statutes to now require the Banking Commissioner to establish a first-
time homebuyer savings account program that will encourage residents of Connecticut to
save for and buy their first home in this state. It would also establish an income tax deduction
for contributions made to a first-time homebuyer savings account by the account holder.
(would need dialogue between DOB and DRS regarding the forms and tax deduction)
RESPONSE FROM ADMINISTRATION/AGENCY:
None Expressed
NATURE AND SOURCES OF SUPPORT:
Betsy Gara, Executive Director, Connecticut Council of Small Towns: Ms. Gara
expressed her support of the bill, stating that promoting homeownership opportunities by
assisting individuals in saving for a down payment should be an important part of the states
efforts to promote greater housing opportunities for all individuals in the communities.
Connecticut REALTORS: The company wrote in support of the bill as it will help individuals
and families begin to create generational wealth in Connecticut by moving them closer to
homeownership. They support this bill because they work first hand with buyers, sellers,
landlords, and tenants and they see the effects this will have on the economy.
NATURE AND SOURCES OF OPPOSITION:
None Expressed
Reported by: Courtney Berry / Dawn Marzik 3/23/2021
Page 2 of 2 HB-5027


Statutes affected:
Committee Bill: 12-701
BA Joint Favorable Substitute: 12-701
File No. 66: 12-701
FIN Joint Favorable: 12-701
File No. 780: 12-701