Everyone’s favorite Wisconsin Project just received some good news: it has qualified for state tax credits! How is that possible? How much are they getting now?
Here’s Five Fast Facts About Foxconn’s latest Tax Credits:
- 🧾 Cha-Ching - Foxconn landed $8.57M in tax credits for the 2021 year, with $3.5M going for job creation. For the 2020 year, it brought in $28.8M.
- 🏈 Goalposts Moved - The state’s current agreement was put together by the Wisconsin Economic Development Corporation, giving Foxconn $80M if they create 1,454 jobs by 2024.
- 👎 Bad Deal - The original contract signed by former Gov. Walker would have given Foxconn nearly $3B in tax credits after they promised to hire 13,000 employees. That didn’t happen. The current hiring numbers amount to 11% of that agreement.
- 🤞 OK, Sure - For its part, Foxconn claims it’s invested $1B since 2018. Meanwhile, Racine County and the state have spent $550M on infrastructure for the project.
- 💰 Thieves in the Night- A spokesperson for watchdog group A Better Mount Pleasant said once those tax credits are finished, they expect Foxconn to pull out. Nick Cannon just read that sentence and is surprised that’s an option.
🔥Bottom line: Foxconn is hosing us, big time. The state is doing everything it can to get something back on its investment but it sees too little too late. While Walker is to blame for getting us into this mess, Gov. Evers hasn’t really fixed things, either. At the end of this saga, the only thing for sure is that Foxconn made out like a bandit and Mount Pleasant has been irrevocably harmed.
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