Foxconn Package Would Cost $50 Million in Lost Sales Taxes
MADISON, Wis. (AP) – New fiscal estimates show Gov. Scott Walker’s incentives package for electronics giant Foxconn would cost the state and local governments nearly $50 million in lost sales taxes.
Walker had introduced a bill that would give Foxconn up to $3 billion in incentives to build a plant in southeastern Wisconsin. According to fiscal estimates from state agencies, provisions blocking sales taxes on plant construction materials and equipment would cost the state about $139 million by the time the plant is finished. Local governments would lose about $10.7 million.
Payroll and capital expenditure tax credit would cost the state about $2.85 billion.
The bill also calls for borrowing $252.4 million to rebuild Interstate 94. The interest on borrowing from 2019 through 2042 would total $408.3 million.