Apple to build 2nd campus, hire 20,000 in $350B pledge

Apple
FILE - This Tuesday, Aug. 8, 2017, file photo shows the Apple logo at a store in Miami Beach, Fla. Apple is investing $390 million in Finisar, a company that makes the lasers used in facial recognition. The investment announced Wednesday, Dec. 13, is the latest from Apple’s $1 billion Advanced Manufacturing Fund, dedicated to investments in U.S. manufacturers and creating jobs in the U.S. (AP Photo/Alan Diaz, File)

SAN FRANCISCO (AP) — Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. economy.

The pledge announced Wednesday is an offshoot from the sweeping overhaul of the U.S. tax code championed by President Donald Trump and approved by Congress last month.

Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash being held overseas.

Apple plans to take advantage of that provision to bring back more than $250 billion in offshore cash, generating a tax bill of roughly $38 billion.

The Cupertino, California, company says it will announce the location of a second campus devoted to customer support later this year.

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