Connecticut House Bill HB05162

Connecticut 2020 Regular Session

• Introduced: 2/18/20
• Refer: 2/18/20

Caption

An Act Requiring The Establishment Of The Learn Here, Live Here Program.

Impact

The implementation of the Learn Here, Live Here program is expected to stimulate the housing market by encouraging young professionals to buy homes, thereby supporting local economies and contributing to community development. By allowing tax payments to be redirected toward first-time home purchases, the program aims to alleviate some of the financial burdens associated with entering the housing market, fostering a more stable population within the state.

Summary

House Bill 05162 aims to establish the Learn Here, Live Here program in Connecticut to provide financial incentives for graduates of various higher education institutions to purchase their first homes in the state. The bill mandates that the Commissioner of Economic and Community Development, in coordination with the Commissioner of Revenue Services and the Connecticut State Colleges and Universities, create a program that allows graduates to have a portion of their state income tax payments segregated into a dedicated account for home buying, up to a maximum of $2,500 annually for a maximum of ten years post-graduation.

Contention

One notable point of contention surrounding HB 05162 relates to the repayment obligations for participants who choose to leave the state after benefiting from the program. The bill stipulates that if a participant moves out within five years of receiving benefits, they must repay a percentage of the funds received, which raises questions about the fairness and practical implications of such provisions. Critics argue this could dissuade potential applicants from engaging in the program, fearing long-term financial consequences if they seek opportunities elsewhere.