Bill Text: CT SB00238 | 2012 | General Assembly | Introduced

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Bill Title: An Act Expanding The Learn Here, Live Here Program.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2012-03-02 - Public Hearing 03/08 [SB00238 Detail]

Download: Connecticut-2012-SB00238-Introduced.html

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General Assembly		Raised Bill No. 238
February Session, 2012		LCO No. 1338
		*01338_______HED*
Referred to Committee on Higher Education and Employment Advancement
Introduced by:
(HED)

AN ACT EXPANDING THE LEARN HERE, LIVE HERE PROGRAM.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subsection (a) of section 32-4i of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):

(a) The Commissioner of Economic and Community Development, in consultation with the Commissioner of Revenue Services and the president of the Board of Regents for Higher Education, may establish the Learn Here, Live Here program. Such program may provide an incentive for graduates of a public institution of higher education in this state, who qualified as in-state students and paid the in-state tuition rate, or graduates from a regional vocational-technical school, to buy a first home in the state. Persons who graduate on or after January 1, 2014, from such institutions or schools may have their income tax liability, up to a maximum of two thousand five hundred dollars annually, segregated into the [Connecticut first-time homebuyers] Learn Here, Live Here account established pursuant to section 32-4j, as amended by this act, provided not more than [one] ten 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 After a period not exceeding ten years after graduation, any amounts so segregated may be withdrawn by a participant for the purchase of a first home in the state. The Commissioner of Economic and Community Development may make payments in accordance with this section from said fund to the participant.

Sec. 2. Section 32-4j of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):

There is established a [Connecticut first-time homebuyers] Learn Here, Live Here account which shall be a separate, nonlapsing account within the General Fund. Funds segregated by the Commissioner of Revenue Services, pursuant to section 32-4k, as amended by this act, shall be deposited in the account. An amount equal to the amount deposited in the account shall be available to the Commissioner of Economic and Community Development for payments to participants in the program established pursuant to section 32-4i, as amended by this act. The State Treasurer shall invest the proceeds of the account, and investment earnings, after paying any costs incurred by the State Treasurer in administering the account, shall be credited to the General Fund. On or before September 1, 2014, and annually thereafter, the State Treasurer shall notify the Commissioner of Economic and Community Development of the total amount deposited in the account. Any funds segregated on behalf of a participant that are not used for the purchase of a first home shall be transferred to the General Fund.

Sec. 3. Section 32-4k of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):

As part of the Learn Here, Live Here program established pursuant to section 32-4i, as amended by this act, for taxable years commencing on or after January 1, 2014, the Commissioner of Revenue Services shall segregate the income taxes paid by a participant in said program during a period not exceeding ten taxable years following the year of graduation. Upon the request of such participant, the commissioner shall segregate an annual amount of such tax liability, up to a maximum of two thousand five hundred dollars per year. The total amount segregated for all program participants shall not exceed [one] ten million dollars in any calendar year. The commissioner shall deposit such segregated amounts into the [Connecticut first-time homebuyers] Learn Here, Live Here account established pursuant to section 32-4j, as amended by this act.

This act shall take effect as follows and shall amend the following sections:
Section 1	July 1, 2012	32-4i(a)
Sec. 2	July 1, 2012	32-4j
Sec. 3	July 1, 2012	32-4k

Statement of Purpose:

To expand the Learn Here, Live Here program and change the name of the Connecticut first-time homebuyers account to the Learn Here, Live Here account.

[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.]