April 1, 2014

GOV. MALLOY APPLAUDS COMMITTEE APPROVAL OF UTC AGREEMENT

(HARTFORD, CT) - Governor Dannel P. Malloy thanked the General Assembly's Finance, Revenue and Bonding Committee, especially its co-chairs State Senator John Fonfara and State Representative Pat Widlitz, for unanimously voting to approve an agreement that the Governor reached last month with United Technologies Corporation that will ensure the aerospace company continues its strong presence in Connecticut and will have an impact on thousands of good-paying jobs in the state.

"When we announced this agreement with UTC in February, I said that Connecticut has long led the world when it comes to the aerospace industry. The agreement, and today's bill supporting that agreement, will help ensure that we remain a leader for years to come," Governor Malloy said. "It will make sure Connecticut keeps and creates good-paying jobs with good benefits - not just in the UTC companies, but also in hundreds of other supply chain companies throughout the state and the region."

The state's agreement with UTC does not require any borrowing or payments by the State of Connecticut, and is expected to create nearly 1,500 construction and other related jobs throughout the initial capital expansion. UTC expects to invest up to $4 billion in research and other capital expenditures in the state.

When enacted, the legislation will allow exchange of approximately $20 million per year of 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.

The legislation is House Bill 5465 , An Act Concerning the Connecticut Aerospace Reinvestment Act .

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For Immediate Release: April 1, 2014

Facebook: Office of Governor Dannel P. Malloy