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.

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