What the heck? Foxconn has qualified for a third round of state subsidies for its development in the state. What does that mean? How are they still here?
Here’s Five Fast Facts On Foxconn’s Subsidies:
- 💸 Bump - Foxconn will get around $6.3M in state tax credits for the 2022 fiscal year. That’s $2.3M less than they got in 2021.
- 💰 Payout - That total breaks down into $4.1M for creating jobs and $2.2M for capital investment. Gee, thanks.
- 🧾 Less is More - Documents show that Foxconn has created a total of 1,029 jobs in 2022. That is considerably less than the 13,000 they promised when they first brokered a deal with Wisconsin. They also have invested $26M in buildings and equipment.
- 📅 Do Over - The subsidies are part of a renegotiation where they agreed to create 1,454 jobs and invest $672M in the state by the end of 2025. The former Foxconn land Microsoft purchased last month is not part of this deal or totals.
- 🤑 Make It Rain - Foxconn said, with a straight face, that it has spent over $1B here and that they employ 1/5th of our state’s workforce. Bruhhh…
🔥Bottom line: December 31st, 2025 can’t come soon enough. That’s when the renegotiated contract ends, and it doesn’t take an economic genius to guess that’s probably when Foxconn will peace out for good. Maybe Microsoft will expand its operations even further and take over the whole stinkin’ facility.
Is Foxconn good for Wisconsin?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
