Bill > SB00100

This bill establishes a first-time home buyers tax credit for individuals who meet specific income and employment criteria. The tax credit is designed to help asset-limited, income-constrained, employed households purchase their first home by offering a financial incentive of either 3.5% of the home's purchase price or $10,000, whichever is less. To qualify, tax filers must have a federal adjusted gross income below $100,000 for single filers or $200,000 for married couples filing jointly, and must have been employed full-time for at least nine months during the tax year, earning salary, wages, tips, or other taxable employee compensation. The criteria for determining an "asset-limited, income-constrained, employed household" will be based on the most recent annual report by the United Way of Connecticut, which helps ensure the tax credit targets households most in need of assistance in purchasing their first home.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00100&which_year=2025