Foxconn, Wisconsin Reach New Deal On Scaled Back Project: Report

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  • The original deal with nearly $4 billion in state and local tax incentives was struck in 2017 by then-Gov. Scott Walker
  • The details of the new deal were not immediately released
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Pic Source – Wallpaper Flare

As per a report by the Associated Press, Foxconn Technology Group has reached a new deal with reduced tax breaks for its scaled back project in southeast Wisconsin, Gov. Tony Evers and the the company announced. The report added that the details of the new deal were not immediately released. It was scheduled to be approved at a meeting of the Wisconsin Economic Development Corp.

$10 billion flat screen panel manufacturing facility in Mount Pleasant

The report added that the original deal with nearly $4 billion in state and local tax incentives was struck in 2017 by then-Gov. Scott Walker. It was based on Foxconn’s promise to build a massive $10 billion flat screen panel manufacturing facility in Mount Pleasant, near the Illinois border, employing up to 13,000 people.But Foxconn has continually scaled back its plans for the site and missed employment targets that would trigger state tax credits.

The report added that Jay Lee, Foxconn’s vice chairman, said Foxconn approved the new deal with a desire to lower taxpayer liability in exchange for the flexibility to pursue business opportunities the meet market demand. Foxconn’s chairman said last month it was considering making electronic vehicles at the facility.

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