United Technologies Corp. opposes legislation that the Hartford conglomerate says would divulge details of its research and development programs to competitors, The Waterbury Republican-American reports.
The bill causing UTC so much concern proposes to make public more information about grants, loans and tax credits that individual businesses receive from the state, according to Rep-Am.com.
The state Department of Economic and Community Development provided nearly $692 million in business assistance between 1993 and 2012 — approximately $257.2 million in direct assistance, and another $434.4 million in tax credits.
The scale of this investment has always invited questions about how much of a return the state is realizing and whether specific programs are worthwhile.
The legislation UTC opposes would establish a searchable computer database identifying recipients of state assistance, the type and amount of aid they are receiving and the purpose of the assistance. It would also provide information on the anticipated results in terms of job creation, private investment and economic development, and the actual results of that aid.
The legislature’s Finance, Revenue and Bonding Committee heard opposing testimony during a public hearing Monday.
The Malloy administration also opposes the committee’s bill, as does the Connecticut Business and Industry Association, the state’s largest business group.
State Comptroller Kevin Lembo, the Yankee Institute for Public Policy and other groups supporting the bill say it will increase transparency and accountability in state government.
