Under the original deal, signed in 2017, Taiwan-based 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 with an average wage of $53,875 and invests $676 million by 2026. Under the original deal, when taking into account local government incentives, the taxpayer subsidies for Foxconn totaled more than $4 billion.
The new contract is good for six years rather than 15. It also allows the state to recover 100% of incentives paid each year in the event of a default.
Both Evers and Missy Hughes, secretary of the state economic development agency, said the amended contract would treat Foxconn the same as other businesses.
Foxconn deal with Wisconsin lowers tax breaks to $80 million
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