Lexmark's $16.5 million investment receives tax incentives

A state board has approved Lexington printer maker Lexmark International for up to nearly $1 million in tax incentives.

Lexmark, the only Fortune 500 company headquartered in Lexington, "plans to purchase new research and development equipment and software along with updating its laboratory facilities," according to the state.

The total investment will be $16.5 million between equipment, construction materials and labor.

The company is in a quiet period before its earnings announcement next week and could not discuss the investment.

Lexmark is eligible to receive tax credits of $975,000, but only if it has 3,000 Kentucky-based jobs on Dec. 31. It has about 2,840 Lexington employees after layoffs and job transfers to lower-cost countries in recent years. If it does not have 3,000 Kentucky-based employees, it would be eligible for only $487,500, or half the possible incentives.

It would get the money as a refund of taxes already paid.