Foxconn, Wisconsin reach new deal on scaled back factory By: Associated Press April 19, 2021
8:52 am
Then-President Donald Trump takes a tour of Foxconn with Foxconn chairman Terry Gou, right, and CEO of SoftBank Masayoshi Son in Mt. Pleasant in June 2018. Foxconn 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. (AP File Photo/Evan Vucci)
By SCOTT BAUER
Associated Press
MADISON, Wis. (AP) Foxconn Technology Group, the world’s largest electronics manufacturer, has reached a new deal with reduced tax breaks for its scaled back factory in southeast Wisconsin, Gov. Tony Evers and the the company announced on Monday.
Foxconn, Wisconsin reach new tax break deal for scaled-back project
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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.
Foxconn, Wisconsin reach new deal on scaled back facility
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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)