Economy

Walker signs $3B Foxconn package deal into law

Walker signs $3B Foxconn package deal into law”

Ryan says Foxconn will "bring a whole new sector to our economy'" with high-paying jobs.

The incentive package is the largest in USA history offered by a state to a foreign corporation.

Wis. Gov. Scott Walker has signed a bill providing $3 billion in incentives to Taiwanese firm Foxconn, paving the way for the touch screen manufacturer to build a $10 billion campus in southeastern Wisconsin. Walker said the tax subsidies spread out over 15 years would spur jobs at the 1.9 million sq m Foxconn plant, as well as prompt growth in ancillary companies and related industries.

A signing ceremony has been scheduled for this afternoon at Gateway Technical College in Sturtevant.

The bill provides almost $3 billion in cash to Foxconn if it invests $10 billion in a new flat-screen factory in southeastern Wisconsin and employs 13,000 people.

The incentive package is a record breaker.

The Foxconn incentives package passed the state legislature with bi-partisan support.

A current timeline calls for the facility to be open by 2020. Any lower court decision would be automatically stayed during the appeal.

He says he's not anxious about opposition to the incentives package. Walker insisted the package is constitutional.

There are strings. Foxconn could only get the full $3,000,000,000 if it invests $10,000,000,000 on the project and employs the 13,000 workers.

The package garnered pushback from Democratic lawmakers, who said the deal was bad for taxpayers. Foxconn is the world's largest contract manufacturer of electronics, best known for making iPhones.



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