AN ACT CONCERNING HOUSING GROWTH.

HB 8002 creates a tax-advantaged savings program to help Connecticut first-time homebuyers. It allows individuals or couples to open "first-time homebuyer savings accounts" at financial institutions, with funds contributed by anyone (including employers) to cover eligible costs like down payments and closing costs for a primary residence. Account holders must submit tax returns with account details to claim a state tax deduction or credit, and funds must be used exclusively for qualifying home purchases. The program applies only to one-to-four family residences purchased as primary homes in Connecticut, effective January 2026.