“Once Foxconn is able to detail the scope and nature of its evolved project, the WEDC is ready to work to draft a new agreement that balances company needs with those of applicants. taxes in Wisconsin, ”Hughes said.
This year will mark the first time the state pays refunded tax credits to Foxconn. The company has reduced 82 jobs from the minimum required to claim state tax credits in 2018.
Foxconn said it created more than 800 jobs in 2019, well above the 520 minimum required for state subsidies. Under the contract, the goal is to have 2,080 full-time jobs and more than $ 3.3 billion in capital spending by the end of 2019. Foxconn’s jobs report this summer also identifies more than $ 415 million in investments. capital – a significant difference from the $ 280 million reported by Foxconn in April.
WEDC reported earlier this month that only 281 Foxconn reported jobs have been verified as eligible, and that the company has invested about $ 300 million in capital costs.
Regardless of how many jobs Foxconn has created, state officials say the tax subsidies agreed on in the original contract are tied to jobs and capital investments on specific projects that Foxconn does not. currently available. Foxconn’s contract calls for a Generation 10.5 facility to build larger panels for TV screens, but the project has scaled down to Generation 6, which will produce small screens for mobile phones, tablets, laptops, and wearables.