Foxconn and Wisconsin reach new agreement

“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,” says governor Tony Evers in a press release. “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,” adds Foxconn Technology Group Board Member and Vice Chairman, 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 WEDC Board will now review the amended award in the anticipated final step of the process. According to a report from the Associated Press, the new deal will reduce the potential tax breaks by billions, but still has the potential to offer the EMS provider tax breaks worth more than USD 10 million, the report says citing person with knowledge of the new contract.