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LFB Analysis of Foxconn Bill Raises Questions

By John Forester | August 9, 2017

From WisPolitics.com …

Dems are demanding Republicans slow down deliberations on the Foxconn bill after a new Legislative Fiscal Bureau analysis found the state’s break-even point, at best, would be fiscal year 2042-43.

That’s if the Taiwanese electronics manufacturer creates 13,000 jobs at a planned $10 billion facility. But it would be “well past” 2044-45 before the state reaped more tax revenue than the $3 billion it’s slated to dole out to the company if only 3,000 jobs were created.

The Assembly had been targeting next week for a floor vote, though a committee exec is up in the air with dozens of amendments being considered. Meanwhile, the Senate plans to send the bill to the Joint Finance Committee.

“We need more time to thoroughly vet the specifics of this deal and to ensure more work for Wisconsin contractors, suppliers and small businesses, as well as new good-paying jobs for Wisconsin workers,” said Assembly Minority Leader Peter Barca, D-Kenosha.

But Tom Evenson, a spokesman for Gov. Scott Walker, called the incentive package an “excellent investment” for the state with $3 billion in exchange for a $10 billion plant and $10.5 billion in new payroll.

“This is a once-in-a-lifetime opportunity that brings high-tech manufacturing back to America, right here in Wisconsin, and adds 13,000 good paying jobs,” Evenson said, adding the package results in $6.70 of private investment for every $1 of public funds.

See the LFB analysis here.

See Wisconsin State Journal Coverage here.

See Milwaukee Journal Sentinel Coverage here.

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