United Tech seeks tax boost for Conn. expansion

Published on NewsOK Modified: February 26, 2014 at 2:39 pm •  Published: February 26, 2014
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EAST HARTFORD, Conn. (AP) — Aerospace giant United Technologies Corp. is seeking state tax assistance for a $500 million expansion of its research and manufacturing facilities in Connecticut.

Gov. Dannel P. Malloy and CEO Louis Chenevert (shen-eh-'VAYRT) said Wednesday the Hartford conglomerate will build corporate headquarters and an engineering center for jet engine maker Pratt & Whitney in East Hartford. It also promised to keep the corporate headquarters for helicopter maker Sikorsky in Connecticut for at least five years.

Legislation must be enacted allowing about $20 million a year of previously earned but unused tax credits — up to $400 million — to help finance construction. The credits will be offset with tax reductions over 14 years, with the final amount based on wages and number of jobs.

United Technologies posted revenue last year of $62.63 billion.