Written by Associated Press
(AP) — Fiscal estimates show Gov. Scott Walker’s incentives package for Taiwanese electronics giant Foxconn would cost the state and local governments nearly $50 million in lost sales taxes.
Walker has introduced a bill that would give Foxconn up to $3 billion in incentives to build a plant in southeastern Wisconsin. According to state agencies’ fiscal estimates, provisions blocking sales taxes on construction materials and equipment would cost the state about $139 million. Local governments would lose about $10.7 million.
Payroll and capital expenditure tax credits would cost the state about $2.85 billion.
The bill also calls for borrowing $252.4 million to rebuild Interstate 94.
The interest on that borrowing from 2019 through 2042 would total $408.3 million.
Foxconn has said the $10 billion Wisconsin plant could bring up to 13,000 jobs.