Live Here, Learn Here is a new program that allows certain graduates of a Connecticut public institution of higher education or from a vocational-technical school, graduating on or after January 1, 2014, to elect up to $2,500 per year of his or her Connecticut income tax liability to be set aside into a first-time homebuyer account. The graduate must have qualified as an in-state student and paid the in-state tuition rate. 

 

At any time within a ten-year period after graduation, the participant may withdraw the amount set aside and must use it as a down payment on the purchase of a first home in Connecticut. Any remaining balance not withdrawn by the participant will become part of the General Fund. 

 

After receiving the payment, the participant is required to live in Connecticut a minimum of five years. If, after receiving payment, the participant ceases to live in Connecticut at any time up to a specified number of years, the participant must repay a percentage of the amount received as follows: one year: 100%; two years: 80%; three years: 60%; four years: 40%; five years: 20%. After five years there is no repayment obligation. The repayment amounts will become part of the General Fund. 

 

This program may be established by the Commissioner of Economic and Community Development in consultation with the Commissioner of Revenue Services. 

 

2011 Conn. Pub. Acts 140, §§30, 31, and 32