Foxconn is eligible for Wisconsin tax cuts for the first time

Date:

Madison, Wisconsin — The Foxconn Technology Group has been qualified for approximately $ 30 million in Wisconsin tax credits. This shows that the electronics giant has secured state aid for the first time since the construction of a state facility began in 2018.

Wednesday’s Wisconsin Economic Development Corporation, Foxconn
2354,

Meet job creation and investment benchmarks to qualify based on the documents provided to Wisconsin Journal.

Last year, Foxconn created 579 qualified jobs and invested $ 266 million in Racine County facilities. This will give the company $ 2.2 million in employment credits and $ 26.6 million in capital investment credits.

“WEDC has determined that Foxconn has created enough jobs and invested sufficient capital expenditures to qualify for tax credits under its amended contract,” WEDC secretary Missy Hughes said in a statement. Stated.

Foxconn, best known for making Apple iPhones, was unable to qualify for state funding for the first two years of its previous contract.Ultimately, a company based in Wisconsin and Taiwan Reached a new agreement For the project after state authorities have told Foxconn that they are not eligible for state credits under the previous contract. Foxconn was eligible for a performance-based tax credit of over $ 29 million in 2020 under the new contract.

Foxconn reported on June 30 that it had created a total of 970 jobs at the Mount Pleasant facility by the end of 2020. WEDC has confirmed that 579 of these jobs are eligible. This far exceeded the minimum requirement of 481 jobs and almost reached the target of 601 jobs.

Under the new six-year contract, Foxconn will create at least 1,454 jobs by 2026 and receive up to $ 80 million in state tax funds as long as it makes a capital investment of at least $ 672 million. ..

Foxconn’s initial deal, signed by former Republican Governor Scott Walker in 2017, promises a $ 10 billion investment over 15 years and a $ 3 billion state subsidy if it employs 13,000 employees. it was done. The company still receives $ 150 million in sales tax deductions and other state and local incentives totaling about $ 4 billion.

Foxconn, like other performance-based incentive packages offered to companies, has specific requirements for what a company produces, as long as it meets its employment and capital investment goals under a new agreement with the state. Get tax incentives without. The deal also commemorates future investment potential and additional tax incentives from the state.

State officials said earlier this year that the project at Mount Pleasant already had more than $ 200 million in state and local road improvements, sales and usage tax exemptions, local government subsidies, and worker training and employment. Said that he spent the cost of.

Foxconn is eligible for Wisconsin tax cuts for the first time

Source link Foxconn is eligible for Wisconsin tax cuts for the first time

The post Foxconn is eligible for Wisconsin tax cuts for the first time appeared first on Eminetra.

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