Foxconn qualifies for $8.6 million in Wisconsin tax credits for hitting job and investment benchmarks, a decline from 2021

The Foxconn development in Racine County remains a mystery to many in Wisconsin, but the Taiwan-based electronics company hit enough job and investment benchmarks to secure $8.57 million in state subsidies.

The Wisconsin Economic Development Corporation announced Foxconn created 768 eligible jobs and made a capital investment of $77.4 million in 2021. That means the company is eligible to receive $3.5 million in job creation-related tax credits and $5.1 million in capital investment credits.

In April 2021, the state revised its $2.85 billion contract with Foxconn to create more realistic goals including the creation of 1,454 jobs — about 11% of the original plan — by Dec. 31, 2025.

Also under the revised agreement, Foxconn is expected to invest up to $672 million by the end of 2025, compared to the $10 billion in the original deal.

Last year was the first year Foxconn qualified for state tax credits since breaking ground in Mount Pleasant in 2018. In 2021, the company received $28.8 million in credits after investing $266 million at the site and creating 579 jobs during 2020, according to WEDC.

The company now employs 768 workers, according to documents released Friday.

Foxconn has four buildings on its property, a nearly 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."

More:What is Foxconn making at its taxpayer-supported Mount Pleasant facility? An employee says workers are bored, encouraged to go home early

Local tax dollars also spent on Foxconn

In addition to the state tax credits, local governments have spent millions of dollars on the project.

From mid-2017 through June 2022, the village of Mount Pleasant spent $166.8 million on vendors and contractors related to Foxconn, according to the village and records obtained by the Journal Sentinel.

This included costs related to purchasing homes through eminent domain from more than 100 homeowners, but not the actual cost of the properties. The sum also includes about $68 million for sewer and about $70 million for water work.

The village paid more than $152 million for 132 properties to make way for Foxconn, plus another $7.9 million in relocation costs.

A $911 million special taxing district was created by the village of Mount Pleasant and Racine County to pay for the local portion of the Foxconn project including land acquisition and infrastructure upgrades. Village and county officials have continued to defend their decisions, saying the money spent will bring significant economic development and costs will be recouped. 

Molly Beck of the Milwaukee Journal Sentinel contributed to this report.