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State will provide company up to $80 million under drastically down-scaled deal. By Jeramey Jannene - Apr 20th, 2021 03:43 pm //end headline wrapper ?>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.
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 Foxconn contract offere
New state contract offers Foxconn up to $80 million in incentives
New state contract offers Foxconn up to $80 million in incentives
Original deal offered $2.85 billion in tax incentives if the company created 13,000 jobs and invested $10 billion
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Last updated on April 20th, 2021 at 03:58 pm
The renegotiated contract between
Foxconn Technology Group and the state of Wisconsin offers the company up to $80 million in tax credits if the company hits certain hiring and investment targets.
The deal dramatically cuts the potential incentives available to the company under a previous agreement negotiated by former Gov. Scott Walker. That deal offered up to $2.85 billion in tax incentives if the company created 13,000 jobs and invested $10 billion.
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