Foxconn Bill Contains $10 Million In Tax Credits For Fiserv

BROOKFIELD, WI — As state legislators set to negotiate on a $3 billion incentive package for electronics manufacturer Foxconn, a local company in Brookfield is also part of the bill - and in line to receive up to $10 million in tax credits.

On July 28, Gov. Scott Walker issued an Executive calling for a special session to tackle the bill, acknowledging that Fiserv is not related to the Foxconn or I-94 portions of the bill.

According to a Biz Times report, Fiserv, a financial services technology developer, is considering moving its headquarters to one of four different Milwaukee-area locations - but has not ruled out the possibility of moving its headquarters out-of-state.

A Journal Sentinel report published Thursday states that one of the possible sites is in Brookfield near its existing headquarters. That site is reportedly competing with ones in Milwaukee, Wauwatosa and Alpheretta, Ga. State officials are also considering adding an additional $2.5 million in incentives to assist in the construction of a new headquarters.

Related Reading: Summary of $3 Billion Foxconn incentive bill

The Bill

Under proposed legislation at the state level, the Foxconn bill would create a new refundable enterprise zone credit for Fiserv under the following conditions:

1) After completing a competitive corporate relocation process, Fiserv retains its corporate headquarters in this state and retains at least 93% of its full-time employees in this state who were identified as being full-time employees of the business in the base year, as determined by WEDC.

2) Fiserv maintains an average payroll for the taxable year equal to or greater than the base year. The amount that Fiserv could claim for a taxable year could not exceed $2 million, for no more than five consecutive taxable years.

According to the Biz Times, Fiserv reported 2017 second quarter-profits increased 4.2 percent from last year. Net income was $221 million, or $1.02 per diluted share, in the second quarter, up from $212 million, or 94 cents per share, in the second quarter of 2016.

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