A new agreement between Foxconn Technology Group and the state announced Tuesday dramatically scales back the number of jobs the company promises to create — to only 1,454 — and reduces the capital investment to a fraction of what was originally promised.
In return, Foxconn stands to receive far less state cash.
The agreement allows for Foxconn to get a maximum of $80 million in tax credits compared to the previous agreement which would have granted the company $2.85 billion in state money if the company met certain hiring and capital investments.
Foxconn four years ago promised to bring 13,000 high-tech jobs to Wisconsin and create a massive Racine County facility that former Gov. Scott Walker and President Donald Trump, both Republicans, heralded as transformational for the state's economy.