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Connecticut lawmakers want to offer its graduates a homebuyer tax credit to keep them from fleeing the state.
by | July 7, 2011
 

Maybe it's the high cost of living or maybe it's the lure of New York City right next door. But for whatever reason, Connecticut's grads are leaving their home state to start their careers and families somewhere else -- and lawmakers want them back.  According to state Rep. John Piscopo, Connecticut ranks among the worst for retaining residents ages 18 to 34. To entice them into staying in the state, legislators want to offer an annual $2,500 homebuyer tax credit to graduates of public Connecticut colleges. Beginning with the class of 2014, in-state graduates could set aside $2,500 each year for ten years toward their first home. All participants have to do is buy a home in Connecticut and live in it for at least five years. If they leave the state, however, they must repay the government for their earnings -- 100 percent for staying for less than one year and 20 percent for four years. The bill has passed both chambers and is awaiting the governor's signature.

 

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