Foxconn not expect to meet hiring goals in next 3 years
MADISON, Wis. (AP) — Foxconn Technology Group is not expected to receive tax credits in the next three fiscal years, continuing its failure to meet goals for hiring and investing in its Wisconsin manufacturing complex, according to state officials.
The Department of Administration’s projection came in its budget request for the fiscal years 2022 and 2023. Administrators say the Wisconsin Economic Development Corp. doesn’t expect Foxconn to comply with the state agreement that provides up to $2.8 billion in tax credits, the Milwaukee Journal Sentinel reported.
In 2017, Foxconn said it would invest up to $10 billion in a Racine County plant that could generate 13,000 jobs and make large LCD screens.
Since then, FoxConn has scaled back its plans to a Gen 6 plant that would make screens for TV’s, smart phones and tablets.
In October, WEDC decided not to award Foxconn tax credits because it has made substantial changes in the manufacturing plans for the Mount Pleasant site and was out of compliance with the tax credit agreement.
The agency said Foxconn hired only 281 eligible employees and made only $300 million in capital expenditures.
Foxconn is challenging the agency’s determination, saying it “not only deviates from that understanding but also deviates from contractual timelines.”