Connecticut 2025 Regular Session

Connecticut Senate Bill SB00576 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	LCO 4840 1 of 4
	3	+
	4	+	LCO No. 4840 1 of 4
4	5
5	6		General Assembly Committee Bill No. 576
6	7		January Session, 2025
7	8		LCO No. 4840
8	9
9	10
10	11		Referred to Committee on COMMERCE
11	12
12	13
13	14		Introduced by:
14	15		(CE)
15	16
16	17
17	18
18	19		AN ACT REQUIRING THE ESTABLISHMENT OF THE LEARN HERE,
19	20		LIVE HERE PROGRAM, INCREASING THE ANNUAL EXPENDITURE
20	21		ON SUCH PROGRAM AND MAKING SUCH PROGRAM AVAILABLE
21	22		TO CERTAIN INDIVIDUALS.
22	23		Be it enacted by the Senate and House of Representatives in General
23	24		Assembly convened:
24	25
25	26		Section 1. Section 32-4i of the general statutes is repealed and the 1
26	27		following is substituted in lieu thereof (Effective October 1, 2025): 2
27	28		(a) [The] On or before October 1, 2025, the Commissioner of Economic 3
28	29		and Community Development, in consultation with the Commissioner 4
29	30		of Revenue Services and the chancellor of the Connecticut State Colleges 5
30	31		and Universities, [may] shall establish the Learn Here, Live Here 6
31	32		program. Such program [may] shall provide an incentive for graduates 7
32	33		of a high school, public institution of higher education, private 8
33	34		university or college, or health care training school in this state, or 9
34	35		graduates from a technical education and career school, to buy a first 10
35	36		home in the state. Persons (1) who graduate on or after January 1, [2014] 11
36	37		2026, from such high schools, institutions, universities, colleges or 12
37	38		schools, and (2) whose annual federal adjusted gross income is not more 13
38		-	than seventy-five thousand dollars may have their income tax liability, 14 Committee Bill No. 576
	39	+	than seventy-five thousand dollars may have their income tax liability, 14
	40	+	up to a maximum of two thousand five hundred dollars annually, 15
	41	+	Committee Bill No. 576
39	42
40	43
41		-	LCO 4840 2 of 4
	44	+	LCO No. 4840 2 of 4
42	45
43		-	up to a maximum of two thousand five hundred dollars annually, 15
44	46		segregated into the Connecticut first-time homebuyers account 16
45	47		established pursuant to section 32-4j, provided not more than [one] five 17
46	48		million dollars from all program participants may be so segregated in 18
47	49		any calendar year. After a period not exceeding ten years after 19
48	50		graduation, any amounts so segregated may be withdrawn by a 20
49	51		participant for the purchase of a first home in the state. The 21
50	52		Commissioner of Economic and Community Development may make 22
51	53		payments in accordance with this section from said fund to the 23
52	54		participants. For the purposes of this section, "health care training 24
53	55		school" means a medical or dental school, chiropractic college, school or 25
54	56		college of optometry, school or college of chiropody or podiatry, school 26
55	57		of occupational therapy, hospital-based occupational school, school or 27
56	58		college of naturopathy, school of dental hygiene, school of physical 28
57	59		therapy or any other school or institution giving instruction in the 29
58	60		healing arts. 30
59	61		(b) (1) After a period not exceeding ten years after the date of 31
60	62		graduation, a participant in the program established pursuant to 32
61	63		subsection (a) of this section may apply to the Commissioner of 33
62	64		Economic and Community Development for a payment to be issued, on 34
63	65		behalf of such participant, and used as the down payment on a house, 35
64	66		which must be the first house such participant has bought, either singly 36
65	67		or jointly. Such payment may be in an amount equal to the amount of 37
66	68		segregated funds deposited on behalf of such participant. If the payment 38
67	69		is less than such amount, any excess amount shall be deposited in the 39
68	70		General Fund. 40
69	71		(2) If a participant ceases to live in the state at any time up to one year 41
70	72		after [such date] the date on which the Commissioner of Economic and 42
71	73		Community Development issued the payment to the participant, such 43
72	74		participant shall repay one hundred per cent of the amount paid out. If 44
73	75		a participant ceases to live in the state at any time up to two years after 45
74	76		such date, such participant shall repay eighty per cent of the amount 46
75	77		paid out. If a participant ceases to live in the state at any time up to three 47
76		-	years after such date, such participant shall repay sixty per cent of the 48 Committee Bill No. 576
	78	+	years after such date, such participant shall repay sixty per cent of the 48
	79	+	Committee Bill No. 576
77	80
78	81
79		-	LCO 4840 3 of 4
	82	+	LCO No. 4840 3 of 4
80	83
81	84		amount paid out. If a participant ceases to live in the state at any time 49
82	85		up to four years after such date, such participant shall repay forty per 50
83	86		cent of the amount paid out. If a participant ceases to live in the state at 51
84	87		any time up to five years after such date, such participant shall repay 52
85	88		twenty per cent of the amount paid out. After five years, there is no 53
86	89		repayment obligation. Any amounts repaid under this subdivision shall 54
87	90		be deposited in the General Fund. 55
88	91		(c) On or before December 1, [2012] 2025, the Commissioner of 56
89	92		Economic and Community Development [may] shall develop, within 57
90	93		available appropriations, a comprehensive public education program to 58
91	94		educate recent graduates of a high school, public institution of higher 59
92	95		education, private university or college, or health care training school in 60
93	96		the state, or of a technical education and career school, about the 61
94	97		program established under this section for first-time home buyers. The 62
95	98		public education program shall include, but not be limited to, 63
96	99		information concerning life-time savings plans and information on the 64
97	100		purchase of a home. [If the commissioner develops such public 65
98	101		education program, the department] The commissioner shall begin to 66
99	102		implement such program not later than January 1, [2014] 2026. 67
100	103		Sec. 2. Section 32-4k of the general statutes is repealed and the 68
101	104		following is substituted in lieu thereof (Effective October 1, 2025): 69
102	105		As part of the Learn Here, Live Here program established pursuant 70
103	106		to section 32-4i, as amended by this act, for taxable years commencing 71
104	107		on or after January 1, [2014] 2026, the Commissioner of Revenue Services 72
105	108		shall segregate the income taxes paid by a participant in said program 73
106	109		during a period not exceeding ten taxable years following the year of 74
107	110		graduation. Upon the request of such participant, the commissioner 75
108	111		shall segregate an annual amount of such tax liability, up to a maximum 76
109	112		of two thousand five hundred dollars per year. The total amount 77
110	113		segregated for all program participants shall not exceed [one] five 78
111	114		million dollars in any calendar year. The commissioner shall deposit 79
112	115		such segregated amounts into the Connecticut first-time homebuyers 80
113		-	~~account established pursuant to section 32-4j. 81~~ Committee Bill No. 576
	116	+	Committee Bill No. 576
114	117
115	118
116		-	LCO 4840 4 of 4
	119	+	LCO No. 4840 4 of 4
117	120
	121	+	account established pursuant to section 32-4j. 81
118	122		This act shall take effect as follows and shall amend the following
119	123		sections:
120	124
121	125		Section 1 October 1, 2025 32-4i
122	126		Sec. 2 October 1, 2025 32-4k
123	127
124		-	CE Joint Favorable
	128	+	Statement of Purpose:
	129	+	To: (1) Require the establishment of the Learn Here, Live Here program;
	130	+	(2) increase the annual income tax segregation under such program to
	131	+	not more than five million dollars; and (3) make such program available
	132	+	only to individuals whose annual federal adjusted gross income is not
	133	+	more than seventy-five thousand dollars.
	134	+
	135	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	136	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	137	+	underlined.]
	138	+
	139	+	Co-Sponsors: SEN. HARDING, 30th Dist.
	140	+
	141	+	S.B. 576
	142	+
125	143