State Strikes Major Tax Credit Deal With United Technologies
The state of Connecticut has struck a multi-million dollar deal with United Technologies, which it hopes will safeguard the future of research and manufacturing operations here.
Under the agreement, the state will allow UTC to exercise tax credits it has already built up. The conglomerate can exchange $20 million in tax credits each year, up to a maximum of $400 million.
UTC will use the cash to invest in its operations in the state, including building a new corporate headquarters and a new engineering center of excellence for Pratt & Whitney.
UTC has committed to keep Pratt & Whitney in Connecticut for at least 15 years, and to keep its helicopter maker Sikorsky in the state for at least 5 years. It will also create a new training center at UTC Aerospace Systems in Windsor Locks, and new labs and other infrastructure at the United Technologies Research Center.
The tax credit agreement between the state and the corporation will require approval by the legislature.
Watch UTC's announcement via CT-N: