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Home / Business / BREAKING: Big Trump Win: Tax deduction triggers Exxon Mobile to invest Whopping $ 10 billion in US infrastructure

BREAKING: Big Trump Win: Tax deduction triggers Exxon Mobile to invest Whopping $ 10 billion in US infrastructure



On Tuesday, ExxonMobil announced that it would invest a lot of $ 10 billion in US infrastructure, as it is developing the Gas Pass Liquid Gas (LNG) facility at Sabine Pass. According to Exxon Mobil, "The construction will begin in the first quarter of 2019, and the plant is expected to start in 2024."

Darren Woods, Chairman and CEO of Exxon Mobil Corporation, stated: "Golden Pass will provide an increased, reliable, long-term supply of natural gas to global gas markets, stimulate local growth and create thousands of jobs. The extensive experience of ExxonMobil and Qatar Petroleum provides the expertise, resources, and economic strength needed to construct and operate an integrated floating and export facility in the United States. "

Exxon Mobile's statement read:

$ 1

0 + billion floating projects will have the capacity to to produce around 16 million tonnes of LNG per year. It is expected to create about 9,000 jobs during the five-year period and more than 200 permanent positions during operation. Preliminary estimates from an independent study show that the project could generate up to $ 31 billion in US economic gains and more than $ 4.6 billion in direct federal, state, and local tax revenues over the life of the project.

In January, Woods acknowledged that the Tax Reform Law consisted of President Trump and the GOP Congress had stimulated Exxon Mobile's investment. He said: "At ExxonMobil, we are planning to invest more than $ 50 billion over the next five years to expand our business in the United States. These investments are supported by the company's unique strengths and enhanced by the historic tax reform recently signed in law." [19659006] Exxon Mobil plans to invest over $ 50 billion over the next five years on the Growing the Gulf initiative, which is expected to create about 45,000 jobs.

National Association of Manufacturers (NAM) commented: "At a time when America's existing energy infrastructure in the Gulf Coast is already subject to increased production, the importance of such investments cannot be underestimated. The project will also uniquely place US manufacturers to compete Whether in the world, provide a reliable, long-term supply of LNG, cement USA as a global leader in energy production, and take the US one step closer to energy demand. "[19659003] The effect of the tax coverage on the companies was explained in March 2018 by GT Reilly & Co:

For tax years beginning January 1, 2018 or later, the corporate tax rate is simplified to a flat rate of 21%. This removes the previously tiered corporate tax rate structure approach of 15% to 34% for companies with up to $ 335,000 in revenue and 34% to 35% over $ 335,000. Non-calendar year corporations will have a mixed tax rate for the first year. For example, companies with March 31's end will have nine months to old interest rates and three months with the new 21% rate … Before TCJA, the company's alternative minimum tax (AMT) was 20%, but companies were exempted if they had an average annual income below $ 7.5 million. Beginning in 2018, the new law repeals the company's AMT. For companies that have paid the company's AMT in previous years, an AMT credit was allowed under previous law. The new law allows companies to fully use their AMT credit transactions, and the credit may be refunded.


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