Legislative Fiscal Bureau Releases Report on Foxconn
The Legislative Fiscal Bureau released a report on the tax incentives for Foxconn this week, including information on the financial impact the deal would have on the state. The report includes a break-even date for the project, which would not be until 2043 under best case scenarios.
A first look tonight at the Legislative Fiscal Bureau's markup on the Foxconn bill. The nonpartisan bureau issued a report about the long-term costs of the state's $3 billion incentive deal with Foxconn. A special session bill that would clear the way for the Taiwanese electronics manufacturer is now making its way through the legislature. The Fiscal Bureau report detailed the incentive package under which the state would pay Foxconn up to $2.85 billion over the next 15 years, while also giving a $150 million tax break on construction materials. It would also loosen environmental regulations for Foxconn. The report finds state taxpayers would not break even on the $3 billion incentive package until the year 2043 under best case scenarios. The Assembly plans to vote on the special session bill next week, and the Senate has referred the bill to the Joint Finance Committee.