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Thursday, April 17, 2014

House OKs $400M Tax Break for UTC Expansion

By Keith M. Phaneuf and Jacqueline Rabe Thomas

Connecticut moved one step closer today toward providing up to $400 million in tax breaks to United Technologies Corp. to trigger a major UTC investment in its research, training and corporate facilities.

The state House of Representatives overwhelmingly approved a bill to implement the deal, which was negotiated by Gov. Dannel P. Malloy’s administration and hailed as an essential move to preserve Connecticut’s aerospace and engineering knowledge base. It now goes to the Senate, where it is expected to pass.

And while the measure, which passed 134-4, drew broad support from both parties, minority Republicans cited the hefty cost to the state as a sign that Connecticut’s business climate – and particularly its tax structure – has become very unfriendly.

“The purpose of this bill is to be a jobs-retention bill,” said Rep. Patricia Widlitz, D-Guilford, co-chairwoman of the tax-writing Finance, Revenue and Bonding Committee.

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