Foxconn Technology Group is eligible for $6.3 million in additional tax credits from the state of Wisconsin after meeting a series of hiring and spending benchmarks in 2022.
A verification form submitted to the Wisconsin Economic Development Corp. shows that the electronics manufacturer invested $26.6 million in its Wisconsin facilities last year and employed 1,029 people. Out of those 1,029 positions, 261 were newly created jobs.
Out of the newly approved $6.3 million in tax credits, $4.1 million was earned from Foxconn’s total job creation and $2.2 million was earned from the company’s total capital expenditures in 2022.
Foxconn has been awarded $43.7 million dollars in tax credits from the state since the company began receiving the credits at the end of 2020. Last year, the manufacturer earned $8.5 million worth of state tax credits.
“Foxconn is committed to Wisconsin and looks forward to growing with the state, county, and village,” said the company in a statement. “Today, in 2023, Foxconn has invested over $1 billion in Wisconsin and created approximately 1,000 jobs, a 42% increase over a three-year period and comprising a fifth of our workforce in the United States. Foxconn currently manufactures data servers and microinverters in Wisconsin, and the campus remains a strategic asset for the company to respond to market demand with speed and flexibility.”
Earlier this year, the company also announced plans to use its Mount Pleasant manufacturing facility to develop battery cells and battery packs.
In an initial development agreement with the state, Foxconn executives said the company planned to invest $10 billion in Mount Pleasant to construct a 20 million-square-foot manufacturing campus and create 13,000 jobs.
Under the state’s original incentive package with the company, Foxconn could have received up to $2.85 billion in tax incentives if the company created 13,000 jobs and invested $10 billion in capital expenses in the complex.
The state’s current incentive package offers Foxconn up to $80 million in tax credits if it hires 1,454 workers and invests $672 million in capital spending in the complex by the end of 2025.
Foxconn recently agreed to give up its development rights to 630 acres of land located in Mount Pleasant’s tax incremental financing district #5 as Microsoft has gained approvals to expand its plans for a massive data center campus on that land.
Foxconn’s current Mount Pleasant campus comprises of four buildings: a 1-million-square-foot “advanced manufacturing” facility; a 300,000-square-foot “smart manufacturing center,” a 120,000-square-foot “multipurpose building” and a 100-foot-tall “high performance computing data center globe.”
