Foxconn deals requires Wisconsin to act soon on tax breaks

Wisconsin’s deal with electronics giant Foxconn requires the state Legislature to pass a $3 billion incentive package no later than Sept. 30.

Gov. Scott Walker and Foxconn CEO Terry Gou signed a memorandum of understanding Thursday at Milwaukee’s art museum. The memorandum says Foxconn commits to investing $10 billion in Wisconsin and create 13,000 jobs over six years.

Wisconsin promises to extend $3 billion in tax breaks, but the Legislature must approve those incentives. The Republican-controlled Legislature is expected to consider them in a special session next month.

Walker on Thursday touted the deal as a once-a-generation opportunity that will transform Wisconsin’s economy.

No site has been selected yet for the Foxconn plant, but the company is eyeing the southeast part of the state.