New Report: Foxconn could cost taxpayers millions
A new report shows it could cost Wisconsin taxpayers millions for Foxconn to come to the state and that cost could last decades.
Governor Walker’s bill would give Foxconn up to $3 billion in incentives to build a plant in southeastern Wisconsin but a new report released today says taxpayers could end up paying the price.
On Tuesday, the non-partisan Legislative Fiscal Bureau released their review of the incentives which would give Foxconn tax breaks on Construction materials and calls for the state to borrow more than $250 million dollars to rebuild I-94.
The analysis says the incentive package for Foxconn would cost the state and local governments nearly $50 million in lost sales taxes.
Local governments could lose about $11 million. They also say the earliest the state would break even between incentives given and taxes collected would be the 2042-2043 fiscal year.
It could be even longer if the company hires people from Illinois.
The numbers could change over time since these are predictions covering nearly three decades.