Foxconn qualifies for Wisconsin tax breaks for first time

Local News

MADISON, Wis. (AP) — Foxconn Technology Group has qualified for nearly $30 million in Wisconsin tax credits. That marks the first time the Taiwan-based electronics giant has secured state aid since breaking ground on its facility in 2018.

In April 2020, the Mount Pleasant location began making masks and working on medical ventilators for use during the coronavirus pandemic. The company said it plans to make “tens of thousands of procedural masks” to be used by health care professionals, law enforcement, caregivers, and pharmacists.

The Wisconsin Economic Development Corporation on Wednesday verified that Foxconn met job creation and investment benchmarks to qualify. That was based on documents provided to the Wisconsin State Journal.

However, the Technology Group has hit a few snags in the past.

A 2017 analysis by the non-partisan Legislative Fiscal Bureau revealed it would take a quarter of a century before Wisconsin breaks even in its Foxconn investment – in 2043.

Overall, Foxconn created 579 eligible jobs and made a capital investment of $266 million at the Racine County facility last year. That qualifies the company for more than $2 million in job credits and nearly $27 million in capital investment credits.

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