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Tony Evers: State s reduced financial commitment to Foxconn opens up opportunities
journaltimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from journaltimes.com Daily Mail and Mail on Sunday newspapers.
Evers: State s reduced financial commitment to Foxconn opens up opportunities
journaltimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from journaltimes.com Daily Mail and Mail on Sunday newspapers.
Gov. Tony Evers on Thursday vetoed a package of 11 GOP-authored bills that would have directed the Democratic governor s use of $3.2 billion in federal stimulus money, while also announcing $420 million in grants to small businesses impacted by the COVID-19 pandemic.
Evers veto means the governor maintains control over the use of federal funds passed earlier this year and marks the latest rift between the governor and Republicans in the Legislature over the use of stimulus dollars. It s also the third time that the governor has shut down Republican efforts to gain control over federal stimulus funds, which Evers has sole discretion over.
Foxconn Technology Group would receive up to $80 million â not $3 billion â in state tax dollars under a new deal between Wisconsin and the Taiwan-based company for a downsized manufacturing facility in Racine County once touted by President Donald Trump as the eighth wonder of the world.
The amended contract would reduce the potential taxpayer subsidy for Foxconn by $2.77 billion, or about 97%, but also result in the creation of only 1,454 jobs, or about a tenth of the 13,000 in the original contract. Foxconn would make a $672 million capital investment by 2026 in the state under the new contract, rather than the $10 billion pledged originally.
Audit: Wisconsin economic agency’s performance improving
Wisconsin’s troubled economic development agency improved its performance over the past fiscal year but it still must sharpen its oversight of tax credit contracts, policies on closing contracts and the accuracy of online data, according to an audit released Wednesday.
The Legislative Audit Bureau’s biennial review found the quasi-public Wisconsin Economic Development Corporation largely complied with state law and its contracts when administering tax credits, loans and grants to businesses in fiscal year 2019-20. By December, the agency had awarded about $250 million to businesses to help them through the pandemic.
The amount of past-due loans decreased from $7.6 million to $6.6 million in 2019 and 2020. The audit attributed the decline to WEDC’s writing off loans and amending contracts to defer repayments.
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