The April 2021 contract establishes that Foxconn needed to create at least 747 jobs filled by eligible employees at the end of 2021 in order to be awarded any program tax credits for 2021. WEDC determined that Foxconn had created 768 such jobs. After Foxconn creates jobs or makes capital investments in a given year, WEDC determines the amount of program tax credits to award in subsequent years. Foxconn was contractually eligible to be awarded up to $8.6 million in program tax credits for creating jobs and making capital investments in 2021.
In November 2022, WEDC awarded Foxconn all $8.6 million in available program tax credits for creating jobs and making capital investments in 2021.
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We reviewed the information that WEDC provided to us on how it verified the amount of program tax credits it awarded to Foxconn for 2021. We found that WEDC adhered to statutory and contractual requirements, as well as its written procedures, when it verified the program tax credits it awarded to Foxconn in November 2022.