Friday, April 25, 2014
Crisco hails passage of UTC investment bill
HARTFORD - State Sen. Joseph J. Crisco, Jr., D-Woodbridge, spoke Thursday on the Senate floor in support of legislation
formalizing an agreement between the State of Connecticut and United
Technologies Corp.
Under the agreement the company will invest up to $500
million to upgrade and expand its aerospace research, development, and
manufacturing facilities in Connecticut over the next five years.
The agreement represents a
re-commitment by UTC to its home state, and will have a direct or indirect
impact on more than 75,000 jobs in Connecticut.
The bill passed the Senate by a
vote of 34-2.
“This bill is a vital investment
in Connecticut’s engineering and manufacturing future,” said Crisco. “United
Technologies is more than just a developer of engines and machine parts—it is a
developer of people. This is a great day for Connecticut’s aerospace industry.”
Specifically, the company will:
- Construct a new Pratt & Whitney corporate headquarters, which it will keep in Connecticut for a minimum of 15 years
- Construct a new Pratt & Whitney worldwide engineering center of excellence in Connecticut
- Keep Sikorsky corporate headquarters in Connecticut for a minimum of five years
- Create a customer training center at UTC Aerospace Systems (UTAS) in Windsor Locks
- Build new labs and infrastructure at United Technologies Research Center (UTRC)
- Invest in new research projects and capital investments at Pratt & Whitney, Sikorsky, UTAS and UTRC
Construction on the projects is
expected to begin this year and continue through 2018.
In return, the State of
Connecticut will allow exchange of approximately $20 million per year of UTC’s
previously earned but unused tax credits to finance the construction, up to a
maximum of $400 million.
The exchanged credits will be offset with tax
reductions over a 14-year period, with the final amount based on the company’s
level of jobs, wages, and investments.
If UTC fails to meet any of its
obligations under the agreement, the benefits to the company would be either
significantly reduced or eliminated.
The agreement further incentivizes UTC by
allowing for more exchanges as the company adds jobs in Connecticut and makes
additional capital investments.
The enabling legislation, House
Bill 5465, passed the House of Representatives April 17.
The bill now proceeds to the desk of Gov. Dannel P. Malloy.
This is a press release from Crisco's office.
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