SB 274 — AN ACT REQUIRING THE ESTABLISHMENT OF THE LEARN HERE, LIVE HERE PROGRAM.

General Assembly CommitteeSubstitute Bill No.

274 January Session, 2019 LCOAN No.ACT REQUIRING THE ESTABLISHMENT OF THE LEARN HERE, LIVE HERE PROGRAM.

3495 Referred to Committee on HIGHER EDUCATION AND EMPLOYMENT ADVANCEMENT Introduced by:

(HED) AN ACT REQUIRING THE ESTABLISHMENT OF THE LEARN HERE, LIVE HERE PROGRAM.

Persons who graduate on or after January 1, 2014,[2014] 2020, from such institutions, universities, colleges or schools and have a Connecticut adjusted gross income of not more than seventy-five thousand dollars during the taxable year may have their income tax liability, up to a maximum of two thousand five hundred dollars annually, segregated into the Connecticut first-timefirst- time homebuyers account established pursuant to section 32-4j, provided not more than one million dollars from all program participants may be so segregated in any calendar year.

After a period not exceeding ten years after graduation, any amounts so segregated LCO \\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00274-R01 of 3 SB.docx Substitute Bill No.

3495274 1 of 3 Committee Bill No.274 a period not exceeding ten years after graduation, any amounts so segregated may be withdrawn by a participant for the purchase of a first home in the state.

The Commissioner of Economic and Community Development may[may] shall make payments in accordance with this section from said fund to the participants.

(b) (1) After a period not exceeding ten years after the date of graduation, a participant in the program established pursuant to subsection (a) of this section may apply to the Commissioner of Economic and Community Development for a payment to be issued, on behalf of such participant, and used as the down payment on a house, which must[must] shall be the first house such participant has bought, either singly or jointly.

If a participant ceases to live in the state at any time up to five years after such [date] payment, such participant shall repay LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00272 of 3 R03-SB.docx } Substitute Bill No.

3495274 2twenty per cent of 3the Committeeamount Billpaid No.out.

274 up to five years after such [date] payment, such participant shall repay twenty per cent of the amount paid out.

The commissioner shall file a lien against the title of the property purchased by the participant in the amount of the payment issued by the commissioner on the date of such purchase to secure the repayment of the amounts required pursuant to this subdivision.

The lien filed by the commissioner shall take precedence over any subsequent transfer or encumbrances recorded against the title of the property, including any mortgage lien filed contemporaneously with the commissioner's lien, and shall expire after a period of not less than five years from the participant's purchase of the property.

Section 1 July 1, 2019 32-4i StatementHED ofJoint Purpose:Favorable Subst.

ToAPP requireJoint theFavorable CommissionerLCO of{\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00273 Economic and Community Development to establish the Learn Here, Live Here program to help graduates of any3 institutionR03-SB.docx of} higher education or certain certificate programs of private occupational schools save toward a down payment on their first home in the state by segregating a portion of their state income tax payments for up to ten years after they graduate.

[Proposed deletions are enclosed in brackets.

Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.] Co-Sponsors:

SEN.

HWANG, 28th Dist.;

REP.

TURCO, 27th Dist.

S.B.

274 LCO No.

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