Connecticut House Bill HB05133

Connecticut 2015 Regular Session

• Introduced: 1/9/15
• Refer: 1/9/15

Caption

An Act Allowing Learn Here, Live Here Funds To Be Applied To The Creation Of A New Business.

Impact

If enacted, this bill will significantly broaden the scope of the Learn Here, Live Here program. The adjustments to section 32-4i of the general statutes will give young entrepreneurs in Connecticut access to funds that were previously limited to homeownership. By fostering a new wave of business creation, the bill is expected to not only help address unemployment among young graduates but also contribute positively to the state’s economic landscape, potentially attracting additional investments and fostering innovation.

Summary

House Bill 05133 aims to expand the existing Learn Here, Live Here program in Connecticut by allowing participants not only to use their funds for purchasing a first home but also for the creation of new businesses in the state. The bill seeks to support youth in the state by enabling graduates to apply a portion of their state income tax payments, segregated over ten years post-graduation, towards starting their own enterprises. This initiative is a strategic move to stimulate local economic growth and retain young talent within the state.

Contention

While the potential benefits of HB 05133 are evident, there may be points of contention regarding the allocation of state resources and the long-term effectiveness of such a program. Critics might argue about the sustainability of funding this initiative from income tax revenues, questioning whether it might divert necessary funds from other essential services. Furthermore, discussions may arise concerning the effectiveness of the program in truly fostering successful business ventures and ensuring that the benefits are equitably distributed among all participants.