Walker told reporters earlier Wednesday he would sign off on last-minute budget changes speeding up repeal of the prevailing wage.
Assembly Speaker Robin Vos says the Assembly will not return to act on the budget after it passes it Wednesday.
If the Senate amends the budget, the Assembly would have to vote again, but that may not happen until October.
Assembly Democrats, who didn't have the votes to stop it, slammed the proposal September 14 as being unfairly rigged to benefit Foxconn at the expense of taxpayers.
Friday night's vote caps off a budget process that has seen majority Republicans in the Senate and Assembly at odds for more than two months over how to complete their work.
The total incentive package is 10 times larger than anything ever approved in Wisconsin and would be the biggest state subsidy to a foreign company in the United States. They've also criticized it for lacking a long-term plan for roads projects, an omission that will further delay road work around the state and cause another $400 million to be borrowed for public-works projects. Alberta Darling (R-River Hills), who co-chairs the budget-writing Joint Finance Committee, and Majority Leader Scott Fitzgerald (R-Juneau) speaking up in defense of the plan.
Democrats have assailed the budget as a missed opportunity that benefits the wealthy since it would cut income taxes primarily paid by high earners but not reduce income taxes across the board or for poor working families as Walker had urged.
The Wisconsin Senate is began debating the proposed state budget today.
Walker also says he plans to veto $1 million for renovations in the state Capitol basement.
The massive bill dictating spending for K-12 schools, Medicaid, the University of Wisconsin and the rest of state government must pass both the Senate and Assembly in identical form before it can go to Walker for his signature.
They say Foxconn offers a once-in-a-generation chance to create thousands of jobs and transform the state's tech and manufacturing sectors.
Final sign-off by the Assembly sends the measure to the project's lead champion, Republican Gov. Scott Walker.
Democrats don't have the votes to stop it.