Connecticut House Bill HB05275

Connecticut 2014 Regular Session

• Introduced: 2/20/14
• Refer: 2/20/14
• Report Pass: 3/11/14
• Refer: 3/18/14
• Report Pass: 3/25/14
• Refer: 4/4/14

Caption

An Act Concerning The Learn Here, Live Here Program And Business Creation.

Impact

By repealing and replacing sections of the general statutes, the bill formalizes a tax incentive structure specifically for graduates commencing from 2015. It creates a dedicated fund under the 'Learn Here, Live Here' account that would facilitate these payments while ensuring proper investment of the funds to enhance their value over time. This legislative move represents a significant step towards addressing housing affordability and promoting entrepreneurship among the youth, ultimately aiming to retain graduates within the state.

Summary

House Bill 05275 establishes the 'Learn Here, Live Here' program, aimed at incentivizing recent graduates from state higher education institutions and health care training schools to purchase homes or start businesses in Connecticut. This initiative is designed to encourage young professionals to settle in the state, thereby contributing to local economic growth and community development. The bill allows participants to segregate up to $2,500 of their annual income tax liabilities into a designated account that can later be accessed for home purchases or business startup costs.

Sentiment

The general sentiment surrounding HB 05275 appears to be positive, particularly among proponents who view it as a proactive measure for combating youth migration out of Connecticut. Supporters argue that the bill not only addresses the housing crisis but also fosters an entrepreneurial spirit among the younger population. However, there are some concerns regarding the sufficiency of the funds allocated to make a meaningful impact and the long-term sustainability of the program.

Contention

Notable points of contention raised during discussions about the bill include debates over the long-term financial implications of the program on the state budget and whether it effectively addresses the root causes of youth emigration. Some legislators questioned the feasibility of the program's funding mechanisms and the potential for misuse if participants, after receiving benefits, do not remain in the state long enough to repay their obligations. These considerations highlight a broader conversation on how to best support economic resilience and community stability through such innovative programs.