An expanded tax credit deal between Connecticut and aerospace giant United Technologies was the subject of a joint state legislative hearing Monday. State officials and executives from UTC appeared together before the panel to explain the agreement that will give UTC broader use of its existing state tax credits, in return for strong and expanded investments in facilities and jobs in Connecticut.
A bill authorizing the tax credit changes has bipartisan support, primarily because it appears to cement the relationship for years to come. The move comes at a time when many feared UTC would expand elsewhere.
“We think that having the company headquartered here gives them a stronger tie to the community, and a stronger tie to the state in the long run,” says state budget chief Ben Barnes. “We think that this does a great deal to change some of the perceptions about Connecticut as a place to do business.”
To maximize the Connecticut tax credits, United Technologies will have to meet various job growth and facility thresholds.