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 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.
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.
State, Foxconn say new deal reached for southeast Wisconsin manufacturing plant with fewer tax credits 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.
A new report from state s top economic development agency recommends lawmakers focus on Wisconsinites by providing workforce opportunities, supporting businesses and improving residents overall well-being as a way to rebuild the state economy from the COVID-19 pandemic.
The new report, released Tuesday by the Wisconsin Economic Development Corp., comes as Democratic Gov. Tony Evers looks to distribute more than $3 billion in federal coronavirus stimulus dollars, while state Republicans have unveiled their own set of priorities for how those funds should be spent. Evers announced on Tuesday plans to spend more than $46 million to support small businesses using federal funds provided to the state in the last stimulus, which passed in December.