April 18, 2019 Comments Off on Foxconn Factory Deal with Wisconsin Eyed for Renegotiation Views: 486 Midwest, National News

Foxconn Factory Deal with Wisconsin Eyed for Renegotiation

A deal involving nearly $3 billion in state tax credits for Foxconn Technology Group’s $10-billion campus in Mt. Pleasant, WI is coming under scrutiny because Wisconsin Gov. Tony Evers doesn’t believe the giant electronics manufacturer will bring all the jobs promised. The original incentive package was based on the Taiwanese company employing 13,000 people and investing $10 billion on the facility in southeast Wisconsin over 10 years.

The liquid crystal display factory now underway in Racine County is much smaller than what was originally planned. That has state leaders wondering if the “refundable” tax credits structured should be revisited.

The smaller plant, a “Gen 6” flat-screen display panel factory, is slated to begin production in Q4 2020. The initial $100-million phase of construction commenced last year on a project envisioned as a 22-million-square-foot campus.

A statement from Foxconn indicated the company remains committed to the deal, while being “open to further consultation, collaboration, and new ideas.”

*Pictured (L to R) Speaker Paul Ryan, President Donald Trump, Wisconsin Governor Scott Walker, Foxconn Founder and CEO Terry Gou and Christopher Murdock at Foxconn’s 2018 groundbreaking ceremony in Wisconsin

Read more at Milwaukee Journal Sentinel

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