HARTFORD (CBS Connecticut) –– Legislation being proposed by Governor Malloy would let United Technologies Corporation take up to 400 million dollars in tax credits to encourage expansion of UTC operations in Connecticut, including a new headquarters for Pratt and Whitney. The company will invest up to half a billion dollars on the upgrades and up to four billion on research and other spending at the same time. The state money will come at the rate of about 20 million dollars a year in reduced taxes, based on previously earned tax credits.
The governor says the work will create about 15-hundred construction and other jobs, plus keeping aerospace work in the state at UTC and its subcontractors. He called it “a once-in-a-generation opportunity.”