Wisconsin set to approve $3B for Foxconn for flat-screen plant
Incentive package is the largest ever from a US state to a foreign company.
MADISON, Wis. — The Wisconsin Senate is poised to approve nearly $3 billion in cash payments for Taiwan-based Foxconn Technology Group to locate a flat-screen factory in the state.
The incentive package up for a vote Sept. 12 would be the largest ever from a US state to a foreign company and 10 times bigger than anything Wisconsin has extended to a private business.
Foxconn would receive $2.85 billion in cash payments over 15 years if it invests $10 billion in the state and employs 13,000 people. It could also qualify for $150 million in sales tax exemptions for construction equipment.
Democrats say state taxpayers are giving up too much under the agreement negotiated by Republican Gov. Scott Walker. But Walker and supporters say the project offers a once-in-a-lifetime opportunity to the state.