Governor Evers Releases Details of New Foxconn Contract

Wednesday, April 21st, 2021 -- 8:10 AM

(WBAY) Wisconsin Governor Tony Evers has announced a contract between the Wisconsin Economic Development and Foxconn has been renegotiated.

According to Evers’ office, the renegotiations will save Wisconsin taxpayers a total of $2.77 billion compared to the previous contract.  Under the new contract amendment, which Evers says was approved by the WEDC Board of Directors on Tuesday, Foxconn will be eligible to receive up to $80 million total in performance-based tax credits during the course of six years.

The credits will be available if Foxconn meets employment and capital investment targets, which include hiring 1,454 qualified workers who earn an average wage of $53,875 and also invests $672 million by 2026.

Under the original deal, signed in 2017, Foxconn would have qualified for $2.85 billion in state tax credits if it invested $10 billion and created 13,000 jobs.

Under the new deal, Foxconn will qualify for $80 million if it employs 1,454 people and invests $676 million by 2026.  Officials say the new agreement is effective when signed by the appropriate parties from Foxconn and the WEDC.

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