Good Vibrations

We’ve said here, and yesterday in testimony before the legislature’s Finance Committee, that a proposed deal between the state and United Technologies Corporation would reverberate with good economic vibrations across Connecticut.
Thousands of small businesses in Connecticut are already doing vital business with UTC, translating into many more thousands of jobs—and communities–the aerospace giant is sustaining in addition to its own workforce of 75,000 jobs.
Can we be more specific?
Well, Gov. Malloy’s website can—with a town-by-town review of the direct jobs impact that UTC has in more than 70 municipalities in Connecticut. You can look up your town here.
We’ve talked a lot recently, and you’ll hear more, about making Connecticut a Top 20 state for business by 2017—that is, energizing our economy so well that we just can’t stay out of the top tier of the national scorecards (CNBC, Forbes, et. al.).
Allowing UTC to redeploy tax credits it has already earned into an infusion of new capital investment to benefit these towns, cities and jobs, and to create untold new opportunities, would boost our state’s economy and send a strong message to the rankings people.
What’s more:

• Research and development is viewed as one of Connecticut’s competitive advantages and this deal would solidify our position as a leader in aerospace research, development and manufacturing.
• The UTC initiative fits perfectly with, and reinforces, the Next Generation initiative to raise the University of Connecticut into the top ranks of public research universities.
• Its primary focus on cultivating more talent in STEM fields is just what Connecticut’s precision and advanced manufacturers, and major R&D facilities, need.

A few years ago, a UCONN study suggested that if companies were permitted to transform stranded tax credits into active capital investment, and took advantage of this framework, it would have a huge positive impact on the state’s economic health.
Here’s our chance.