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 US that will be partially financed by an upcoming windfall from the country's new tax law, the AP reports. The pledge announced Wednesday comes less than a month after Congress approved a sweeping overhaul of the US tax code. The reforms offer a one-time break on cash being held overseas. Apple plans to take advantage of that provision to bring back about $252 billion in offshore cash, generating a tax bill of roughly $38 billion. It's something that Apple CEO Tim Cook promised the company would do if it could avoid being taxed at the 35% rate that had been in effect under the previous tax law.
About $75 billion of the $350 billion in US investments will be paid from money that had been overseas, Apple estimated. While Apple is likely to return some of its overseas money to its shareholders, Wednesday's announcement is designed to be a show of faith in the US—the company's largest market. The public show of support to the US also helps the optics of a company that will still continue to make most of its iPhones, iPads, and other gadgets in factories located in China and other faraway countries. Apple plans to announce the location of a second campus devoted to customer support later this year. The company didn't say how big the second campus will be, or how many of the additional 20,000 workers that it plans to hire will be based there.