United Technologies' move casts doubt on tax incentives

What they're saying:

• The incentives, "spend more of the state's income every year than is raised by the administration's 2015 corporate tax increases — the increases that drove away General Electric and other major Connecticut corporations," Suzanne Bates, a Yankee Institute senior fellow, and Mark Gius, professor of economics at Quinnipiac University, write.
• "The results, meanwhile, appear ineffectual: even the corporation that received the most of such incentives has recently announced plans to leave the state."

What happened: Bates and Gius' study finds that the combination of higher taxes and development grants ended up costing Connecticut taxpayers $35 million.

• The tax increases were estimated to generate $481 million in receipts from corporations for the 2-year period, but produced just $323 million — about one-third less than projected.
• On the other side, the state's developments grants awarded nearly $358 million in grants or loans to businesses to either move to Connecticut or to remain in the state.

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