Foxconn Falls Short of Job-Creation Target in Wisconsin

Apple supplier had 182 employees at end of 2018, but needed 260 to claim tax credit for year

Foxconn Technology Group, which is building a $10 billion plant in Wisconsin in exchange for nearly $4 billion in state and local incentives, fell short of the minimum number of jobs it was required to create in 2018 to claim state-job creation tax credits, the company said Friday.

Under the terms of the contract, Foxconn, the Taiwanese supplier to Apple Inc., was eligible for up to $9.5 million in tax credits if it created 260 full-time jobs in 2018, according to the Wisconsin Economic Development Corp. The company created 178 full-time jobs...


Ken Notes: Lots of articles on this, the good news is the credits were actually structured correctly and thus were not paid out which is interesting because the credits would have funded 95 jobs at 100K each which is enough to get the credit. Go figure???

- - Volume: 7 - WEEK: 4 Date: 1/24/2019 8:07:39 AM -