Foxconn Denied Tax Breaks In Letter From WI Econ Development Corp

MOUNT PLEASANT, WI—Foxconn’s activities and investments in Wisconsin to date are not eligible for credits according to the letter since to the Vice Chairman of Foxconn Technology Group, Dr. Jay Lee.

The Agreement and Application provide that, by the end of 2019, 2,080 full-time jobs were anticipated to be created and $3,307,000,000 in capital expenditures would be invested. WEDC’s initial review of the 2019 Annual Project Report reveals that, by contrast, Foxconn employed fewer than the minimum required 520 full-time employees and had invested roughly $300,000,000 in capital expenditures.

The WEDC said they need to see accurate details of Foxconn’s project, such as its size, scope, anticipated capital investment, and job creation. Once receiving those records, WEDC wrote it
would be able to offer support for the project with tax incentives as it does for many large and small Wisconsin businesses.

The WEDC and Foxconn had apparently been in discussions about the company’s changed vision for the project.

“When we met in early June, you personally shared with me Foxconn’s interest in a different
type of incentive contract to support Foxconn’s plans in Wisconsin,” Missy Hughes
Secretary & CEO, wrote. “We have worked with your team to explore those opportunities, and while our efforts have been unsuccessful to date, I want to be clear that my commitment to find a path forward remains steadfast.”