Foxconn Reports Sufficient Expenses, Hiring For First $ 29 Million In State Tax Credits | Local government
Of the 970 jobs reported between 2018 and the end of last year, 364 have since been made redundant. A spokesperson for WEDC said all reported jobs will go through the verification process to determine if they meet contract eligibility criteria.
Under the new agreement, Foxconn will be eligible for up to $ 29 million in employment and capital investment credits if WEDC verifies that the company had 601 cumulative full-time employees in 2020. The state has until ‘at the end of the year to certify whether the company had achieved its goal of creating jobs.
Foxconn and the state agreed to an amended contract in April that significantly reduced both the company’s jobs and capital investment requirements as well as the state’s subsidy commitment to the project. The contract was eventually renegotiated after the state told Foxconn it would not receive any state dollars under the previous deal because the project under construction was not as agreed. .
Foxconn’s initial contract, signed by former Governor Scott Walker in 2017, called for a $ 10 billion investment by the company and the creation of 13,000 jobs over 15 years in return for $ 3 billion in grants from the company. ‘State. Other state and local incentives, including $ 150 million in sales tax relief the company could still receive, brought the total to around $ 4 billion.
Foxconn has not received any state dollars so far, but the Mount Pleasant project has already cost the state more than $ 200 million in state and local road improvements, sales tax exemptions and use, subsidies to local governments and for the training and employment of workers. Foxconn said it has invested more than $ 850 million in the state.