General Assembly Raised Bill No. 6456
January Session, 2011 LCO No. 3626
*_____HB06456CE_FIN030911____*
Referred to Committee on Commerce
Introduced by:
(CE)
General Assembly
Raised Bill No. 6456
January Session, 2011
LCO No. 3626
*_____HB06456CE_FIN030911____*
Referred to Committee on Commerce
Introduced by:
(CE)
AN ACT ESTABLISHING A LEARN HERE, LIVE HERE PROGRAM.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2011) (a) The Commissioner of Economic and Community Development, in consultation with the Commissioner of Revenue Services, shall establish the Learn Here, Live Here program. Such program shall provide incentive for graduates of a public or independent institution of higher education in this state or from a regional vocational-technical school to buy their first homes in the state by allowing persons who graduate on or after January 1, 2013, from such institutions or schools to have a portion of their income tax liability segregated into the Connecticut First-Time Homebuyers Fund established pursuant to section 2 of this act. After a period not exceeding ten years after graduation, any amounts so segregated by a graduate may be withdrawn for the purchase of a first home in the state. The Commissioner of Economic and Community Development shall make payments in accordance with this section from said fund to graduate.
(b) On or before January 1, 2012, the Commissioner of Economic and Community Development, in consultation with the Commissioner of Revenue Services, shall adopt regulations, in accordance with chapter 54 of the general statutes, to carry out the provisions of this section. Said regulations shall include, but not be limited to, (1) a cap on segregated funds for the first year of participation of five per cent of a participating graduates' income tax liability, (2) a cap on segregated funds that increases during years two through ten of such participation, and (3) criteria for such increase.
(c) On or before December 1, 2012, the Commissioner of Economic and Community Development shall develop, within available appropriations, a comprehensive public education program to educate recent graduates of a public or independent institution of higher education in the state or of a regional vocational-technical high school about the program established under this section for first-time home buyers. The public education program shall include, but not be limited to, information concerning life-time savings plans and information on the purchase of a house. The department shall begin to implement the outreach program not later than January 1, 2013.
Sec. 2. (NEW) (Effective July 1, 2011) There is established a Connecticut First-Time Homebuyers Fund which shall be a separate, nonlapsing account within the General Fund. Funds segregated by the Commissioner of Revenue Services, pursuant to section 1 of this act, shall be deposited in the account. Amounts deposited in the account shall be available to the Commissioner of Economic and Community Development for payments to participants in the program established pursuant to section 1 of this act. The State Treasurer shall invest the proceeds of the account, and investment earnings shall be credited to and become part of the account. On or before September 1, 2013, and annually thereafter, the State Treasurer shall notify the Commissioner of Economic and Community Development of the total amount in the account. Any funds segregated for a participant in the program established pursuant to section 1 of this act that are not used for the purchase of a first home shall be transferred to the General Fund. Any costs incurred by the State Treasurer in administering the fund shall be paid from investment interest accrued by the principal contributions to the fund.
Sec. 3. (NEW) (Effective July 1, 2011) As part of the Live Here, Learn Here program established pursuant to section 1 of this act, the Commissioner of Revenue Services shall segregate a portion of the income taxes paid by a person who graduated from a public or independent institution of higher education in this state or from a regional vocational-technical school during each of the ten taxable years following the year of graduation. Upon the request of such person, the commissioner shall segregate an annual amount determined in accordance with subsection (b) of section 1 of this act. Taxes may be segregated pursuant to this section for taxable years commencing on or after January 1, 2013. The commissioner shall deposit amounts segregated from income tax payments pursuant to this section in the Connecticut First-Time Homebuyers Fund established pursuant to section 2 of this act.
Sec. 4. Subsection (a) of section 32-1m of the general statutes is amended by adding subdivision (23) as follows (Effective January 1, 2013):
(NEW) (23) With regard to the Learn Here, Live Here program established pursuant to section 1 of this act, a summary of the program, including, but not limited to, participation, account totals and disbursements, and recommendations for program changes or legislative changes.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2011 New section
Sec. 2 July 1, 2011 New section
Sec. 3 July 1, 2011 New section
Sec. 4 January 1, 2013 32-1m(a)
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2011
New section
Sec. 2
July 1, 2011
New section
Sec. 3
July 1, 2011
New section
Sec. 4
January 1, 2013
32-1m(a)
CE Joint Favorable C/R FIN
CE
Joint Favorable C/R
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