Tuesday, October 13, 2020

Wisconsin denies tax credits to Foxconn for 2019 work, says company did not create enough jobs to fulfill agreement

From JSOnline:

Ricardo Torres
Milwaukee Journal Sentinel

Three years after landmark legislation was passed promising Foxconn Technology Group billions in tax credits and President Donald Trump presided over a groundbreaking ceremony in Mount Pleasant, the company will not be receiving any state tax credits for work done in 2019.

According to the Wisconsin Economic Development Corp., Foxconn has hired only 281 people eligible for tax credits and has made only $300 million in capital expenditures, not fulfilling the goals set out in the contract signed by Foxconn and the state.

Foxconn said it was surprised by the decision, and the company's role in Wisconsin continues to be hotly debated amid a hyper-partisan political environment with deep divisions among taxpayers who are paying the bill for the billions in tax credits that were part of the original deal.

Read more: https://www.jsonline.com/story/money/2020/10/12/wedc-denies-tax-credits-foxconn-work-done-2019/5969815002/

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