Bill Text: CT HB05275 | 2014 | General Assembly | Comm Sub
Bill Title: An Act Concerning The Learn Here, Live Here Program And Business Creation.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2014-04-04 - Referred by House to Committee on Appropriations [HB05275 Detail]
Download: Connecticut-2014-HB05275-Comm_Sub.html
General Assembly |
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February Session, 2014 |
*_____HB05275CE____031114____* |
AN ACT CONCERNING THE LEARN HERE, LIVE HERE PROGRAM AND BUSINESS CREATION.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 32-4i of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
(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] shall establish the Learn Here, Live Here program. Such program [may] shall provide an incentive for graduates of a public institution of higher education, private university or college, or health care training school in this state, or graduates from a technical high school, to buy a first home or establish a new business in the state. Persons who graduate on or after January 1, [2014] 2015, from such institutions, universities, colleges 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 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 After a period not exceeding ten years after graduation, any amounts so segregated may be withdrawn by a participant for the purchase of a first home or establishment of a new business in the state. The Commissioner of Economic and Community Development [may] shall make payments in accordance with this section from said fund to the participants. For the purposes of this section, "health care training school" means a medical or dental school, chiropractic college, school or college of optometry, school or college of chiropody or podiatry, school of occupational therapy, hospital-based occupational school, school or college of natureopathy, school of dental hygiene, school of physical therapy or any other school or institution giving instruction in the healing arts.
(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 (A) as the down payment on a house, which [must] shall be the first house such participant [has bought] buys, either singly or jointly, or (B) for start-up costs associated with the establishment of a new business in the state. Such payment may be in an amount equal to the amount of segregated funds deposited on behalf of such participant. If the payment is less than such amount, any excess amount shall be deposited in the General Fund.
(2) If a participant ceases to live in the state at any time up to one year after such date, such participant shall repay one hundred per cent of the amount paid out. If a participant ceases to live in the state at any time up to two years after such date, such participant shall repay eighty per cent of the amount paid out. If a participant ceases to live in the state at any time up to three years after such date, such participant shall repay sixty per cent of the amount paid out. If a participant ceases to live in the state at any time up to four years after such date, such participant shall repay forty per cent of the amount paid out. If a participant ceases to live in the state at any time up to five years after such date, such participant shall repay twenty per cent of the amount paid out. After five years, there is no repayment obligation. Any amounts repaid under this subdivision shall be deposited in the General Fund.
(c) On or before December 1, [2012] 2014, the Commissioner of Economic and Community Development may develop, within available appropriations, a comprehensive public education program to educate recent graduates of a public institution of higher education, private university or college, or health care training school in the state, or of a technical high school, about the program established under this section. [for first-time home buyers.] The public education program shall include, but not be limited to, information concerning (1) life-time savings plans, [and information on] (2) the purchase of a home, and (3) the establishment of a new business. If the commissioner develops such public education program, the department shall begin to implement such public education program not later than January 1, [2014] 2015.
Sec. 2. Section 32-4j of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
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] 2015, 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 or for start-up costs associated with the establishment of a new business in the state shall be transferred to the General Fund.
Sec. 3. Section 32-4k of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
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] 2015, 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 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, 2014 |
32-4i |
Sec. 2 |
July 1, 2014 |
32-4j |
Sec. 3 |
July 1, 2014 |
32-4k |
Statement of Legislative Commissioners:
In section 32-4i(a), "The Commissioner of Economic and Community Development may make payments in accordance with this section…" was changed to "The Commissioner of Economic and Community Development [may] shall make payments in accordance with this section…" to conform with the bill's requirement that said commissioner shall establish the Learn Here, Live Here program. In section 32-4i(b)(1), "which must be the first house such participant has bought" was changed to "which [must] shall be the first house such participant [has bought] buys" for consistency with standard drafting conventions. In section 32-4j, "or the establishment of a new business in the state" was changed to "or for start-up costs associated with the establishment of a new business in the state" for consistency with the language of section 32-4i(b)(1), as amended.
CE |
Joint Favorable Subst. -LCO |