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Fri April 25, 2014
UTC Tax Package Headed to Malloy's Desk
Sen. John Fonfara
A $400 million tax relief package for United Technologies is on its way to Governor Dannel Malloy's desk after the legislation passed the state senate.
Malloy brokered the deal with company CEO Louis Chenevert. It allows the Hartford-based conglomerate to redeem research and development tax credits it has accumulated.
In return, the company will invest $500 million in Connecticut. It will build a new headquarters for Pratt and Whitney in East Hartford, and commit to keep the company in Connecticut for at least 15 years. It's also making investments in its aerospace systems division in Windsor Locks and in its research center.
Senator John Fonfara, chair of the energy and technology committee, told the chamber that the special treatment of UTC is justified by its unique economic position in the state. "This company is the largest private sector employer in the state of Connecticut," he said. "There's not another company that has the kind of reach this company has."
Governor Malloy welcomed passage of the legislation, saying it will foster the retention and creation of thousands of jobs in the state.