ANNOUNCED AS TEMPORARYNo
Tax or social insurance relief
On September 18, 2017 Governor Scott Walker of Wisconsin signed into law a bill (Special Session Assembly Bill 1) known as the Wisconn Valley Special Session Bill. The bill authorizes the Wisconsin Economic Development Corporation (WEDC) to create not more than one electronics and information technology manufacturing zone, and specifies tat te total amount of all tax credits WEDC may certify is $2,850,000,000. It also creates a sales and use tax exemption for the sale of building materials, supplies, and equipment used to construct facilities located in an electronics and information technology manufacturing zone, and creates special provisions that apply to certain tax incremental financing districts (TIDs) for local government units.
The purpose of the bill is to incentivize and facilitate a project first announced on July 26, 2017 when President Donald Trump announced that Foxconn Technology Group plans to build a new factory to produce LCD display monitors in Wisconsin. The factory will open in the home district of Representative Paul Ryan (Republican-Wisconsin), the Speaker of the U.S. House of Representatives, and was the object of lobbying on the part of the White House’s Office of Innovation (led by Mr. Jared Kushner).
In a memorandum of understanding signed that same day by the governor of Wisconsin and the president of Foxconn, the state agreed to “[i]Immediately pursue legislation in the Wisconsin Legislature” to include inter alia these elements:
The state also pledged to “[w]ork with local and regional economic development authorities to enter into land sale contracts for a minimum of 1,000 acres,” and to “[s]upport the Company in engaging federal (e.g. Wisconsin delegation, administrative agencies, etc.), state and local government authorities to facilitate the planning, construction, start-up, and on-going operations of F AB 818, in order to reduce project and operational costs and time to market, as well as to support the Company in its workforce and business development.”
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