(Reuters) - The Republican-led U.S. House of Representatives passed on Wednesday the biggest overhaul of the U.S. tax code in 30 years, sending a sweeping $1.5 trillion bill to President Donald Trump for his signature.
The tax plan is designed to kick-start economic growth in part by offering new incentives for capital investment, which would allow businesses to lower their tax bills by writing off the cost of things like new machinery more quickly.
The tax reform includes cuts to corporate tax rates and a cap on business deductions for debt interest payments among others.
The following is a list of U.S. companies that have talked about the impact of tax code revamp:
AT&T Corp:
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The No.2 U.S. wireless carrier said on Wednesday it plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 of its U.S. employees.
Delta Air Lines Inc:
The U.S. airline said last week that if the current tax reforms are passed, it could add $1 to $1.25 to its 2018 earnings per share. The company said it may incur one-time tax expense of $150 million to $200 million.
FedEx Corp:
Chief Financial Officer Alan Graf said on Tuesday that if tax bill enacted, the company expects its earnings per share to increase by $4.40 to $5.50 per share for fiscal 2018, before mark-to-market year-end pension accounting adjustments, mainly due to revaluation of net deferred tax liabilities. This range also includes an estimated 85 cents to $1 per share due to a lower tax rate on earnings in 2018.
Home Depot Inc:
Chief Financial Officer Carol B. Tome said on investor day on Dec. 6 that company "might" have an immediate benefit of $1.6 billion if the tax reform "in its current state" becomes law.
Express Scripts Holding Co:
Chief Financial Officer James Havel said on Dec. 14 that if the tax reform legislation passes, the company's tax expense would decrease by about $850 million to $900 million in 2018 or $1.60 per share in adjusted earnings. The company also said the valuation change in its deferred tax liability due to the tax rate change would result in a one-time increase in earnings of about $1.2 billion or $2 per share.
Boeing Co:
Chief Executive Dennis Muilenburg said the company would invest $300 million in employee facilities and programs as a result of the new law.
(Compiled by Bengaluru Newsroom)