Foxconn Bill Expected to Head to JFC
On Thursday, I attended the official signing of the memorandum of understanding between Foxconn and the State of Wisconsin. The ceremony was at the Milwaukee Art Museum, where I used to work!
I'm excited to get to work on the legislation to finalize the Foxconn deal. I hope any deal will be handled outside of the budget as separate legislation. The bill is expected to go through the Joint Committee on Finance, where I serve as co-chair.
I will make sure this is a good deal for Wisconsin and make sure taxpayers are protected.
One thing to keep in mind, we won't pay unless they spend. If Foxconn doesn't follow through with their promises, they won't get anything from Wisconsin taxpayers.
Here is an outline of what the Foxconn deal will say:
- The maximum amount of credits Foxconn will be eligible to earn is $3 billion over 15 years:
- Up to $1.5 billion in state income tax credits for job creation
- Up to $1.35 billion in state income tax credits for capital investment
- Up to $150 million for the sales and use tax exemption (sales tax holiday)
- Tax credit incentives are tied to performance. If Foxconn fails to invest capital or create jobs, they won't receive any credits.