MADISON â Foxconn wonât be getting $2.8 billion in state tax credits anymore.
After more than a year of negotiations, the State of Wisconsin and Foxconn Technology Group officials say theyâve reached a new agreement regarding the Taiwan-based companyâs manufacturing plant near Racine that would provide Foxconn fewer state tax credits than originally agreed upon.
The embattled Foxconn project in southeastern Wisconsin has faced considerable scrutiny over the last three years for failing to meet expectations laid out in its originally 2017 agreement. State officials told the company more than a year ago it would not be eligible for tax credits under the existing contract â since the company is no longer planning a Generation 10.5 facility to make larger LCD screens as originally promised â and a new agreement would be necessary.
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Foxconn Talks Continue in Wisconsin
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KENOSHA COUNTY, Wis. We are waiting to learn details on a possible new deal involving the state of Wisconsin and Foxconn.
What You Need To Know
Foxconn was ineligible to receive tax credits from Wisconsin for work done in 2019
WEDC said Foxconn did not meet the required minimum number of full-time employees hired to work on the project
The WEDC is working with Foxconn to renegotiate
If you recall, Foxconn was ineligible to receive tax credits from Wisconsin for work done in 2019, according to the Wisconsin Economic Development Corporation.
WEDC said Foxconn did not meet the required minimum number of full-time employees hired to work on the project and the company did not follow through on its project that it described in the original contract.