Apple says it will bring much of its overseas cash home under new, corporate-friendly tax law

Apple revealed a plan Wednesday that would make it the first major company to repatriate money from overseas as a result of the new corporate-friendly tax law passed last month.

The tech giant said it will make approximately $38 billion in tax payments — a figure that suggests the company is moving back $245 billion out of its $252.3 billion in funds stashed overseas.

Under the new law, companies need only make a one-time payment of 15.5% on repatriated funds, down from 35%.

The higher tax rate was the reason why Apple had long resisted sending its war chest to the U.S., Tim Cook, the company’s chief executive told “60 Minutes” in 2015.

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