Foxconn is eligible for more than $8.7 million in state tax credits for the 2023 fiscal year, according to the latest annual review from WEDC.
The Taiwanese tech company, through multiple subsidiaries operating in Wisconsin, earned the annual tax credits by creating 1,114 jobs and making more than $24 million in capital investments. Those subsidiaries include: FEWI Development Corporation; AFE Inc.; SIO International Wisconsin, Inc.; and FII USA, Inc.
Under the company’s tax credit agreement with the state, which runs through the end of 2025, the company can earn up to $80 million in total tax credits if it creates 1,454 jobs and invests just over $672 million during that period.
According to the WEDC report, the company has qualified for $52.46 million in state tax credits so far, and could therefore earn up to $27.54 million more over the duration of the contract.
The process for certifying tax credits runs one year behind the company’s activities, as Foxconn’s annual report covering a given year is due in April of the following year. At the end of that year, the Wisconsin Economic Development Corp. informs the company about the tax credits it earned over the course of the previous fiscal year.
Because the contract ends Dec. 31, 2025, WEDC will be finished with all related tax credit verification reports by the end of 2026.
This latest update on the company’s activities in Wisconsin reflects the substantially pared back impact of Foxconn in the state. The company’s original plan for its Mount Pleasant installation called for a $10 billion investment and the creation of 13,000 jobs, for which Foxconn would have received nearly $3 billion in tax incentives.
In an emailed statement on the WEDC report, Foxconn said it’s “optimistic about our presence in Wisconsin” and has added more employees beyond those reported for the 2023 period. The statement also notes the company has spent nearly $2 billion in Wisconsin through capital expenditures, payroll and taxes as of 2024.
“Foxconn Wisconsin is an important part of the global data server manufacturing landscape, and our operations here contribute to Foxconn’s role as a leading manufacturer of 40% of the world’s server supply,” the company said in the statement. “We are grateful for our dedicated team of over 1,000 employees whose efforts make this possible.”
