Foxconn, Wisconsin Reach New Tax Deal

Milwaukee WI

19 April, 2021

9:41 AM

Description

MADISON — Gov. Tony Evers and Foxconn Technology Group Board Member and Vice Chairman, Dr. Jay Lee, announced on Monday they have reached a new agreement and a resolution is near between the Wisconsin Economic Development Corporation and Foxconn regarding the company's project in Mount Pleasant, according to a news release. Details of the new deal were not known as of Monday. It was scheduled to be approved at a Tuesday meeting of the Wisconsin Economic Development Corp., according to an Associated Press report. The WEDC Board will review the amended award in the anticipated final step of the process. "I've said all along that my goal as governor would be to find an agreement that works for Wisconsin taxpayers while providing the support Foxconn needs to be successful here in our state," Evers said. "I'm incredibly grateful for all the folks at the WEDC and Foxconn for their help working to find a solution that works for everyone, and I look forward to the amendment being approved by the WEDC Board of Directors." "In response to unforeseeable economic conditions, Foxconn began formal negotiations with a desire to lower taxpayer liability in exchange for the flexibility to pursue business opportunities the meet market demand," said Dr. Jay Lee. "We are grateful to Governor Evers, Missy Hughes, and our team at Foxconn for finding a solution that can go before and be approved by the WEDC Board of Directors." The original deal with nearly $4 billion in state and local tax incentives was struck in 2017 by former Gov. Scott Walker, according to the Associated Press.