Quantcast

Senate gives final approval to UTC tax credit deal

Energy and Technology Co-Chairman Sen. John Fonfara.
Energy and Technology Co-Chairman Sen. John Fonfara. (Photo by Hugh McQuaid)

HARTFORD, Conn. – The Senate gave final passage Thursday to a deal allowing the United Technologies Corp. to use $400 million in unused tax credits to expand facilities and cut their tax liability.

The goal of the legislation is to keep the state’s largest aerospace company in Connecticut as well as the jobs that come with it. It commits Pratt & Whitney to stay in Connecticut for at least 15 years and keeps Sikorsky’s corporate headquarters in Stratford for at least five.

The bill cleared the Senate in a bipartisan, 34 – 2, vote. Opening the debate on the Senate floor, Energy and Technology Co-Chairman Sen. John Fonfara said the bill gives Connecticut and UTC employees “hope.”

“When you have a good thing, you do not assume that that good thing will always be here. It’s about recognizing Connecticut, this small state, lacking in many of the valued natural resources of other states, has an abundance of one thing—brain power,” he said.

See the complete story at CT News Junkie.

Comments

One response to “Senate gives final approval to UTC tax credit deal”

  1. Piberman

    The real story here is that the costs of doing business are so courtesy of our high taxes for mediocre services that major employers will only remain if given subsidies. Let’s get everyone to the gravy train. Paid by a weary public.

Leave a Reply


Recent Comments