Economic Development
7:59 pm
Thu February 27, 2014

State Strikes Major Tax Credit Deal With United Technologies

An artist's impression of the planned new Pratt & Whitney headquarters building.
Credit Pratt and Whitney

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.

Gov. Dannel Malloy's office released this chart showing private and public investments in the deal.
Credit Gov. Malloy Office

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.

UTC released an animation of their investment plans, viewable here.

Hear from Governor Dannel Malloy and UTC CEO Louis Chenevert on the deal.

Watch UTC's announcement via CT-N: