Foxconn qualifies for $28.8 million in state tax credits after adding jobs and

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For the first time since setting up shop in Racine County, Taiwan-based Foxconn Technology Group qualified for $28.8 million in state tax credits this week after investing $266 million and creating 579 jobs during 2020.

The Wisconsin Economic Development Corp. verified the figures Wednesday, meaning the company will receive $26.6 million in capital investment credits and $2.2 million in job credits.

The Wisconsin State Journal was the first to report the development.

“WEDC has determined that Foxconn created sufficient jobs and invested sufficient capital expenditures to qualify for tax credits under its amended contract,” WEDC Secretary and CEO Missy Hughes said in a statement.

The company also acknowledged meeting the benchmarks.

“Since 2020, our hiring numbers have grown in response to business demand and to-date, Foxconn has invested nearly $1 billion in Wisconsin inclusive of all expenditures,” the company said.

“This center of gravity has attracted the attention of other manufacturers, businesses and investors who share our vision for a Park that can sustain continued business and community development.”

Assembly Speaker Robin Vos (R-Rochester) said the firm’s qualification for tax credits and creation of jobs and added investment was “great news for Racine County!”

“With the current work environment, it’s crucial we highlight and focus on the businesses that want to participate in Wisconsin’s economy,” Vos said in a statement.

Earlier this year, the company and the state reached a new agreement that dramatically scaled back the number of jobs the company promised to create — to only 1,454 — and reduced the capital investment to a fraction of what was originally promised.

Under the new agreement, Foxconn is expected to invest up to $672 million by 2026 compared to the $10 billion the company said it would spend back in 2017.

Four years ago, the firm promised to bring 13,000 high-tech jobs to Wisconsin and create a massive Racine County facility in Mount Pleasant.

During a 2018 groundbreaking, then-President Donald Trump called plans to build the sprawling high-tech campus “the eighth wonder of the world.”

State and local governments have made significant investments through infrastructure upgrades. State officials have estimated that roughly $1 billion has been spent to support the project.

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