Weeks after college commencement ceremonies, this is a time when many young adults are polishing their resumes and asking themselves, “OK, I have my diploma, now what?” The search for jobs may lead them to careers within the states where they attended college, but in many cases recent graduates will join the exodus to find work someplace else.
In an effort to encourage in-state graduates of Connecticut colleges to put down roots and stay at home, the Connecticut legislature this month adopted HB 6525. One provision of the bill is dubbed “Learn Here, Live Here.” It allows Connecticut residents who graduate from in-state colleges to set aside up to $2,500 annually from their state income tax liability for up to 10 years and deposit the funds into a first-time homebuyer’s account. That money can be withdrawn to use as a down payment on a house. After purchasing their homes, the graduates would have to live in Connecticut for at least five years or would be required to repay a percentage of the funds.