Foxconn deal with Wisconsin lowers tax breaks to $80 million

Foxconn

MADISON, Wis. (AP) — Foxconn Technology Group will qualify for up to $80 million in state tax incentives under a new contract that downsizes the scale of credits as the size of the envisioned manufacturing facility has also shrunk.

Gov. Tony Evers on Tuesday announced details of the new contract.

“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,” Evers said. “Today I’m delivering on that promise with an agreement that treats Foxconn like any other business and will save taxpayers $2.77 billion, protect the hundreds of millions of dollars in infrastructure investments the state and local communities have already made, and ensure there’s accountability for creating the jobs promised.”

Under the original deal, signed in 2017, Foxconn would have qualified for $2.85 billion in state tax credits if it invested $10 billion and created 13,000 jobs.

Under the new deal, Foxconn will qualify for $80 million if it employs 1,454 people and invests $676 million by 2026.

A comparison of the original and new deals is available online.