Foxconn package would cost $150M in lost sales taxes
MADISON, Wis. — New fiscal estimates show Gov. Scott Walker’s incentives package for electronics giant Foxconn would cost the state and local governments nearly $150 million in lost sales taxes.
Walker has introduced a bill that would give Foxconn up to $3 billion in incentives to build a plant in southeastern Wisconsin. According to fiscal estimates from state agencies, provisions blocking sales taxes on plant construction materials and equipment would cost the state about $139 million by the time the plant is finished. Local governments would lose about $10.7 million.
Payroll and capital expenditure tax credits would cost the state about $2.85 billion.
The bill also calls for borrowing $252.4 million to rebuild Interstate 94. The interest on that borrowing from 2019 through 2042 would total $408.3 million.
An earlier version of the Associated Press story inaccurately listed the lost sales taxes as $50 million.
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