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Daily Tax Report: State

Foxconn Factory Subsidy Estimate Slashed by Wisconsin Agency (2)

Jan. 24, 2020, 1:04 PM

A Wisconsin agency slashed an estimate for subsidies the state will grant to Foxconn, suggesting the Apple Inc. supplier is falling well short of its goals for a manufacturing hub in America’s heartland.

Wisconsin’s biennial budget, enacted in July, assumed $212 million of refundable credits would be paid to Foxconn in the 2020-2021 fiscal year, based on the Taiwanese company hitting 2019 hiring and capital-spending goals in the state. A new analysis, compiled by the Wisconsin Legislative Fiscal Bureau, a nonpartisan government agency, revised that to $50 million to $75 million on Thursday.

The report is a major reassessment...

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