Whatâs going to be made?
It remains unclear what Foxconn will make under the new contract. Foxconn officials last year began hinting at the possibility of building electric vehicles, with manufacturer Fisker announcing in February a partnership with Foxconn to build vehicles. Last month, company chairman Young Liu said the Mount Pleasant factory was in the running, along with Mexico, to be Foxconnâs North American electric vehicle production hub â although no formal decisions have been made.
Foxconn has yet to receive any state dollars, but the project in Mount Pleasant already has cost the state more than $200 million in state and local road improvements, sales and use tax exemptions, grants to local governments and for worker training and employment. Foxconn officials estimated in October the company had invested $750 million in the state.
Foxconn deal with Wisconsin lowers tax breaks to $80 million
by Scott Bauer, The Associated Press
Posted Apr 20, 2021 4:42 pm EDT
Last Updated Apr 20, 2021 at 4:44 pm EDT
FILE - In this June 28, 2018 photo, President Donald Trump takes a tour of Foxconn with Foxconn chairman Terry Gou, right, and CEO of SoftBank Masayoshi Son in Mt. Pleasant, Wis. Foxconn Technology Group, the world s largest electronics manufacturer, has reached a new deal with reduced tax breaks for its scaled back project in southeast Wisconsin, Gov. Tony Evers and the the company announced on Monday, April 19, 2021. (AP Photo/Evan Vucci, File)
MADISON, Wis. Foxconn Technology Group will be eligible for just $80 million in taxpayer subsidies under a new contract signed Tuesday, down from nearly $3 billion it could have received under the original deal that envisioned a much larger project in southeastern Wisconsin.
Foxconn, Wisconsin Strike a New Deal planetizen.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from planetizen.com Daily Mail and Mail on Sunday newspapers.
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.
Foxconn to receive $2 77 billion fewer in state tax dollars under new deal with Wisconsin journaltimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from journaltimes.com Daily Mail and Mail on Sunday newspapers.