The Legislative Audit Bureau would be required to audit, annually for five years, the process by which WEDC issues tax credits to the company.

Foxconn announced its intent in July to build the facility in Wisconsin, a project state officials have said would be "transformational" for the state and for the American manufacturing industry. CEO Terry Gou and Wisconsin Gov. Scott Walker signed a memorandum of understanding last month outlining the terms of the deal, which must be approved by the Legislature by Sept. 30 to move forward.

Under the proposal, Foxconn would be eligible for up to $1.5 billion in credits for $9.5 billion of payroll expenditures over a 16-year period, and $1.35 billion in credits for $10.7 billion of capital expenditures over a five-year period. The company would also be eligible for a sales and use tax exemption on building materials, supplies and equipment used for construction of the facility, amounting to about $139 million.

The bill includes a provision that would encourage Foxconn to hire Wisconsin residents to fill the 3,000 to 13,000 jobs it has pledged to create. It would also set aside $20 million under the state Department of Workforce Development for a worker training and employment program.