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Foxconn package would cost $50 million in lost sales taxes

Foxconn package would cost $50 million in lost sales taxes
Posted at 12:47 PM, Aug 08, 2017
and last updated 2017-08-08 16:25:59-04
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 $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 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.