PricewaterhouseCoopers (PwC) is planning a $20 million expansion project that includes establishing Stamford as the headquarters for its Insourced Solutions for Tax (IST) division and creating up to 400 new jobs in the state over the next five years.
The Connecticut Department of Economic and Community Development will provide up to $9 million in grants for training, equipment, and leasehold improvements at PwC’s 300 Atlantic St. location. The grants will be released in segments as certain job-creation milestones are met over a five-year period.
“This is one of the largest professional services firms in the world, and we are thrilled that they have decided to establish this new strategic headquarters in Connecticut,” said Gov. Dannel Malloy. “We look forward to having them as part of our business community and seeing the company continue to grow its presence in our state.”
“PwC’s Insourced Solutions for Tax team is part of our journey towards developing a tax function that has an even greater ability to turn global uncertainty and regulatory change into new opportunities that deliver on a business’s strategy,” Rick D’Avino, chairman of IST for PwC, said.
In January 2017, PwC reached an agreement with General Electric to provide integrated, enterprise managed tax services, hire over 600 of GE’s tax team members globally, and acquire GE’s tax technologies. As a result, PwC created its IST team in Connecticut, which consists of 100 of GE’s former tax team as well as hundreds of new employees.
All told, PwC’s tax practice maintains a global network of 41,000 tax professionals operating in 157 countries.
In addition to Stamford, PwC US has offices in Hartford.