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Malloy’s UTC deal, tax rebates move forward in legislature

Two bills championed by Gov. Dannel P. Malloy received favorable votes this week from the Finance, Revenue and Bonding Committee.

The committee voted unanimously — 50 in favor and four absent — to approve a major agreement with United Technologies Corp.

The deal would allow the manufacturer to cash in as much as $400 million in unused tax credits over 20 years in exchange for the company’s pledge to invest $500 million in new Connecticut facilities over the next five years, including a new Pratt & Whitney headquarters in East Hartford.

The committee voted 50-31 in favor of legislation that would use approximately $155 million of the state’s projected budget surplus to provide $55 tax rebates to single income tax filers earning less than $200,000 a year, and $110 to married filers earning less than $400,000.

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