In April 2021, the Wisconsin Economic Development Corporation (WEDC) executed an amended and restated $80.0 million contract with four corporations that are collectively referred to as “Foxconn.” At the time of our audit fieldwork in early-December 2021, WEDC had not yet awarded program tax credits to Foxconn for creating jobs and making capital investments in 2020. Therefore, in report 21-21, we evaluated WEDC’s process for verifying information submitted by recipients of program tax credits. In late-December 2021, WEDC awarded Foxconn $28.8 million in program tax credits for creating jobs and making capital investments in 2020. In this report (report 22-2), we found that WEDC adhered to statutory and contractual requirements when it verified the program tax credits that it awarded.
