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State wants to use stranded tax credits to help Pratt & Whitney, Sikorsky and UTC

By Christine Stuart

HARTFORD, Conn. – Gov. Dannel P. Malloy and United Technologies Chairman and CEO Louis Chenevert want state lawmakers to approve a deal that allows the company to use up to $400 million in unused tax credits to reduce their tax liability and expand their facilities.

At an hour-long event Wednesday afternoon, Malloy and Chenevert, told employees and suppliers gathered at the Pratt & Whitney Hangar Museum in East Hartford that Connecticut doesn’t want to lose its critical mass of aerospace and engineering jobs. That’s why they said this deal is so vital to the state.

“Your kids will have an opportunity to work for this company because of what we announce here today,” Chenevert said.

The deal Malloy is asking the legislature to approve would ensure Pratt & Whitney stays in Connecticut for a minimum of 15 years. It also keeps Sikorsky’s corporate headquarters in Stratford for a minimum of five years. In addition it creates a customer training center at UTC Aerospace Systems in Windsor Locks and new labs at the United Technologies Research Center.

See the complete story at CT News Junkie

Comments

2 responses to “State wants to use stranded tax credits to help Pratt & Whitney, Sikorsky and UTC”

  1. Suzanne

    Are these companies going to diversify what they do and produce so that further lay-offs would be unnecessary should a single vendor cancel their contract?

  2. the donut hole

    No Suzanne, they are going to continuously move to other lower cost areas of the country as many others have been doing. Pfizer is just about gone. Aetna is on the way. General Dynamics is moving more and more to Virginia. Remember Northrup Grumman not too recently? Even GE is quietly downsizing in CT and growing in other lower cost areas. UTC is very well diversified and will be just fine with or without the governor’s payoff. However, if the governor continues to pay off a select few, then you can bet the rest will leave as fast as they can given his disastrous policies.

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