HARTFORD, Conn.–Connecticut’s General Assembly has passed a bill that creates first-time homebuyer accounts in the state.
The new law establishes tax-advantaged savings accounts for first-time homebuyers, allowing them to deduct contributions from state income taxes and earn tax-free interest, provided funds are used for qualifying home purchase expenses.
Modeled on Other States
According to its proponents, the program is modeled after similar successful efforts in 23 other states and is seen as both a housing and workforce development tool.
“By making homeownership more accessible, especially for young professionals, the proposal helps attract and retain talent in Connecticut’s competitive labor market,” the Connecticut Business Industry Association said.
