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Foxconn Scales Back Investments in Wisconsin

Foxconn Scales Back Investments in Wisconsin
Gov. Tony Evers announced that the state has renegotiated its contract with Foxconn, the world’s largest electronics manufacturer. The new agreement negotiated under Gov. Evers between the Wisconsin Economic Development (WEDC) and Foxconn will save Wisconsin taxpayers a total of $2.77 billion compared to the previous contract, maintain accountability measures requiring job creation to receive incentives, and protect hundreds of millions of dollars in local and state infrastructure investments made in support of the project.
“When I ran to be governor, I made a promise to work with Foxconn to cut a better deal for our state the last deal didn’t work for Wisconsin, and that doesn’t work for me,” said Gov. Evers. “Today I’m delivering on that promise with an agreement that treats Foxconn like any other business and will save taxpayers $2.77 billion, p ....

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New Foxconn Deal Cuts Incentives By $2.77 Billion

State will provide company up to $80 million under drastically down-scaled deal.
By
Jeramey Jannene - Apr 20th, 2021 03:43 pm
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Current Wisconn Valley Science and Technology Photo courtesy of the Foxconn Technology Group.
The new agreement between the Wisconsin Economic Development Corporation and Foxconn cuts the potential tax credit award from $2.85 billion to $80 million.
In exchange Foxconn’s hiring and investment targets are cut from 13,000 employees and $10 billion invested to 1,454 workers and $672 million invested. The per-job wage credit falls from 17% to 7% as part of the renegotiated deal, with a minimum salary of $53,875 per qualified job. The credits remain refundable, effectively a cash payment award to the company. ....

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More than half of Foxconn jobs expected to be with Foxconn Industrial Internet under new deal

More than half of Foxconn jobs expected to be with Foxconn Industrial Internet under new deal
Company can now also avoid default because of a pandemic
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An April 2021 aerial of the Foxconn project in Mount Pleasant. Credit: Curtis Waltz, aerialscapes.com
More than half of the jobs Foxconn and its related entities committed to creating in a new tax incentive deal with the state of Wisconsin are expected to be with Foxconn Industrial Internet’s U.S. subsidiary,…
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More than half of the jobs Foxconn and its related entities committed to creating in
a new tax incentive deal with the state of Wisconsin are expected to be with Foxconn Industrial Internet’s U.S. subsidiary, according to Wisconsin Economic Development Corp. records.Fii USA Inc. was added as an eligible recipient in the new contract, which also dramatically limited the tax incentives to Foxconn as the company scaled back its job and investment commitments.The original ....

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