CT Senate passes Malloy's UTC tax credit deal - WFSB 3 Connecticut

CT Senate passes Malloy's UTC tax credit deal

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HARTFORD, CT (AP) -

The Connecticut Senate has given final legislative approval to a deal allowing United Technologies Corp. to use up to $400 million in unused tax credits, so long as UTC makes up to $500 million in upgrades and expansions and hires more workers.

On a bipartisan vote, the Senate on Thursday voted 34-to-2 in favor of the bill. Proponents said the agreement reached by Gov. Dannel P. Malloy's administration will help ensure the state's largest private sector employer will remain in Connecticut for years to come and help thousands of suppliers.

The House of Representatives has already approved the deal.

While supportive of UTC as a company, some Republicans voiced concern about why Connecticut is in the position of having play defense to keep a major employer in the state.

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