MILWAUKEE — Foxconn Technology Group was approved to collect $8.56 million in state tax credits for 2021, according to our partners at the Milwaukee Business Journal.
The Taiwan-based company qualified for tax breaks for the second year in a row, despite its hiring and capital spending activity being down significantly compared with the prior year.
According to BizJournal, Foxconn reported 768 employees who were eligible to count towards its tax credit awards at the end of 2021, compared with 579 the year before. It also reported $77.37 million in capital spending last year, which was down from $266 million in 2020.
Foxconn came to Wisconsin with plans for a $10 billion campus in Mount Pleasant that would create 13,000 jobs. The 2016 and 2017 plans have since been downscaled and its pursuit of an LCD screen plant has been canceled, but according to BizJournal, Foxconn still controls more than 1,000 acres and four facilities in Mount Pleasant.
On Monday, the company issued a statement saying it has invested more than $1 billion to date in the state.
According to the BizJournal, Foxconn is eligible to collect up to $80 million in state tax credits under a renegotiated incentive agreement with the WEDC, which was finalized in 2021. In order to collect those tax credits, the company would be required to create 1,454 jobs and invest $672 million in capital projects by 2026.
The company was approved for nearly $37.4 million in tax credits from 2019 through 2021, the BizJournal reports. Foxconn has reported $545.8 million in capital spending from 2019 through 2021. Foxconn is ranked third among tax credit recipients, behind Green Bay Packaging Inc. with $746 million and Amazon.com with $551.8 million.
Foxconn ranks 13th among tax credit award winners for new jobs created. Amazon.com topped the list followed by Exact Science Corp. and Uline Inc., according to the BizJournal.
