State Gives Lexmark $750K Tax Break to Develop Jobs In Asia

[Anonymous]

State Of Kentucky Gives Lexmark $750K Tax Break to Develop Jobs In Asia ?

Tax incentives approved for Lexmark
The Kentucky Economic Development Finance Authority board approved tax incentives for Lexmark International and other state companies at its monthly meeting Thursday. The approval of tax incentives outlines the state’s commitment to a project should it occur in Kentucky.

In general, when a company accepts the tax incentive, it may keep that amount of money, which it otherwise would pay in taxes, assuming it fulfills the terms of the deal. Here are selected board preliminary approvals, unless otherwise noted:

¦ Lexmark International in Lexington, $750,000 for product development. The company estimates the project will cost $20 million. The program does not require job creation.

cbgard
I just dont understand why the state gives Lexmark a tax incentive to develop products that will be built in China. If the new products were to be built in Lexington with job creation, then I could see it. All the other company’s listed here are creating jobs in this state with their incentive.

theGhostxxxx
Indeed. The only thing Lexmark is truly good at creating is a one way flow of high tech jobs overseas.

CPQ121552
WOW! 10 whole jobs,so in the meanwhile what are all of the many people that are going to lose their jobs because of all of the postal closings?Possibly perhaps a very very small handfull if that many might get to transfer to another facility but seeing as their closing all over the country I don’t se that happening either.That leves them with only 2 other options,either take an early retirement or quit qorking altogether.Obooboo’s jobs program has really not acomplished much of anything at all.The 8-9 milion people that are back to work are only working in temp or part time positions only so that really doesn’t count when adding up the unemployment figures at all

granpere
Why should Kentucky taxpayers have to subsidize a company’s research and development function that creates no new jobs in Kentucky? It’s just another example of corporate welfare. I’ll wager the CEO will get another multi-million dollar bonus out of this one. We socialize the risks and privatize the rewards.

[Author]

February 28, 2012 at 8:59 AM