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UTEC to get tax break on new equipment

A local company will receive a tax break as it purchases and installs nearly $1.5 million worth of new equipment to be used in both manufacturing and research and development.

The 10-year tax abatement for United Technologies Electronic Controls was unanimously approved Tuesday, Feb. 25, by the Huntington Common Council.

With the abatement, UTEC will pay no taxes on the new equipment during the first year of the abatement. Taxes on the equipment will be phased in over 10 years, with the portion of the assessment paid by UTEC increasing annually in 10 percent increments. The company will pay the full assessment in the 11th year.

Installation of the equipment began this month, UTEC said in documents filed with the council, and is scheduled to be complete in December of this year.

The new manufacturing equipment will allow UTEC to produce higher technology electronic controls for the heating, ventilating and air conditioning market, the company says.

The new research and development equipment will improve the technology used in UTEC's engineering lab.

UT Electronic Controls, in Huntington, employs about 750 people.