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You are here: Home / Business / WEDC denies tax credits to Foxconn for 2019

WEDC denies tax credits to Foxconn for 2019

October 13, 2020 By WRN Contributor

State trade officials say Foxconn will not be getting any tax breaks, for work done in 2019. The Wisconsin Economic Development Corporation announced on Monday that Foxconn had failed to meet its contracted goals for qualifying for those state aids.

The original contract, touted by President Donald Trump and then Governor Scott Walker, would have given the Taiwanese tech firm $4 billion to build a top of the line LCD plant in southeast Wisconsin.

Since then the company has repeatedly scaled back its plans, and WEDC Secretary Melissa Hughes said the company won’t see any more funding unless they come back to renegotiate a contract with the state, the Journal Sentinel reports.

According WEDC, 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.

The Journal Sentinel reports that in April, Foxconn stated publicly that it had hired enough workers to be eligible for tax credits.

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Filed Under: Business, News, Politics / Govt



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