Daily Management Review

Foxconn to receive tax breaks for $ 3 billion in the US


On Thursday, the Wisconsin Legislative Assembly, controlled by the Republicans, voted 59-30 to approve a bill that will pave the way for a $ 3 billion incentive package for the Taiwan LCD company's liquid crystal display factory.

This plan should still be approved by a joint financial committee, which includes both members of the Legislative Assembly and the State Senate, before the document falls on the table to the Governor. The Finance Committee and the Senate are also controlled by Republicans.

Foxconn, an electronics manufacturer officially known as Hon Hai Precision Industry Co Ltd, hopes to open a $ 10 billion plant in 2020 on a 1,000-acre site (about 405 hectares) in Wisconsin.

Foxconn is the main supplier for Apple’s iPhone smartphones.

"We are ready to take advantage of this historic opportunity ... and build a long-term relationship with Foxconn," said Scott Walker, Governor of Wisconsin, a Republican who helped make the deal.

Walker ordered the legislature at a special session to consider a stimulus package for the company for a period of 15 years. Foxconn, Walker, President Donald Trump and other leaders announced a stimulus deal at a ceremony in the White House held in the last month.

The 20 million LCD factory will initially employ 3,000 people, but Walker and Foxconn stated that the company could eventually increase the number of jobs to 13,000.

"We look forward to continuing to work with them to transform the Wisconsin economy and make it the hub of global high-tech manufacturing," Foxconn said in a statement.

Supporters are advertisingthe investment potential of the project and creation of jobs, including the expected 22,000 auxiliary and 10,000 construction jobs.

Democrats have traditionally opposed this deal, saying that they need more time, and the deal should be more profitable and with guarantees for their voters. There were also statements about harm to the environment.

At the beginning of the debate, which lasted several hours, the Democrats suggested that the issue be referred to the financial committee for consideration, which would stop the discussion. The Assembly rejected this proposal with a vote of 57-32.

The Assembly also voted to ignore the three amendments proposed by the Democrats.

source: cnbc.com

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