Foxconn package would cost $150 million in lost sales taxes - WAOW - Newsline 9, Wausau News, Weather, Sports

Foxconn package would cost $150 million in lost sales taxes

Posted:
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 $150 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 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 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.

---------------------------

*A correction has been issued to indicate losses would total nearly $150 million. The original story stated $50 million.

Powered by Frankly