Apple Announces Plans for a New Major Campus

Apple Announces Plans for a New Major Campus

Apple said about $75 billion of its upcoming contributions to the USA economy would come from overseas profits brought back into the country.

The massive cash repatriation is possible because of a provision in Trump's tax bill that allows companies with cash from overseas profits to bring the money home at a lower tax rate.

Over $10 billion of Apple's expanded capital expenditures will be investments in data centers across the US.

Reports also circulated Wednesday that Apple is planning to give its employees a $2,500 bonus consisting of restricted stock units, following the passage of the new tax code, according to unnamed people familiar with the matter, Bloomberg reported.

President Trump praised Apple's decision in a tweet Wednesday, calling it a "huge win".

Apple has data centers in seven states.

After plowing almost $46 billion into dividends and stock repurchases in its last fiscal year, Apple is still likely to funnel a big chunk of overseas money to its shareholders. About 84,000 of Apple's 123,000 workers work in the US. This will be the largest payment of its kind ever made says Apple.

Most of that $250 billion Apple cash pile would have been held by its Irish arm up to 2014, but following a change in the tax law in Budget 2015 - which meant Irish-registered companies could no longer be regarded as "stateless" for tax purposes - the residency of that arm was moved to Jersey.

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This week, the iPhone maker announced its intention to open a new major campus somewhere in the United States, presumably linked to Tim Cook & Co.'s plans to hire an additional 20,000 employees within the next five years.

Under the new law, companies need only make a one-time payment of 15.5% on repatriated funds, down from 35%. "Great to see Apple follow through as a result of TAX CUTS", Trump wrote on Twitter. It also allows companies to defer paying tax on those offshore profits until they are brought back to the US.

Apple's new campus "will initially house technical support for customers", according to the news release, but it was unclear what other types of workers the new campus could eventually include, or how numerous more than 20,000 new jobs will be there.

"I hope - I have that faith - that it will be used for great goal for the country, whether that's infrastructure or education, or what have you, that will further supply jobs in the U.S", Apple said about the $38 billion tax payment.

Apple shares climbed 1.65% to $179.10 in late afternoon trading.

Apple has been seeking planning permission for an €850m data centre in Athenry for nearly three years.

Does Apple still owe $13 billion in back taxes to Ireland? USA tech support job salaries vary by company, but they average about $30,000-$45,000 a year (based on widely-referenced averages from Glassdoor, Indeed.com and Salary.com), whereas Amazon claims the average HQ2 employee will be compensated more than $100,000 annually.

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