Home / Business / BREAKING: Big Trump Win: Tax relief drives Exxon Mobil to invest an incredible $ 10 billion in America's infrastructure

BREAKING: Big Trump Win: Tax relief drives Exxon Mobil to invest an incredible $ 10 billion in America's infrastructure

ExxonMobil announced on Tuesday that it would invest $ 10 billion in US infrastructure to develop the Golden Liquefied Natural Gas (LNG) plant at Sabine Pass. According to Exxon Mobil, "Construction will commence in the first quarter of 2019 and the facility is expected to be operational by 2024."

Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation, stated, "Golden Pass will provide one Increased, reliable and long-term supply of LNG gas to the global gas markets promotes local growth and creates thousands of jobs. ExxonMobil's and Qatar Petroleum's extensive experience provides the expertise, resources and financial strength needed to build and operate an integrated liquefaction and export facility in the United States.

Exxon Mobil stated:

The $ 1

0 + Billion The liquefaction project will have a capacity to produce around 16 million tonnes of LNG annually. It is expected that around 9,000 jobs will be created during the five-year construction period and more than 200 permanent jobs will be created during operation. Preliminary estimates from an independent study indicate that the project in the US is generating up to $ 31 billion in economic profits and direct federal, state, and local tax revenues in excess of $ 4.6 billion over the project could.

Last January, Woods acknowledged that the Tax Reform Act passed by President Trump and the GOP Congress had stimulated Exxon Mobil's investment. He said, "ExxonMobil plans to invest more than $ 50 billion over the next five years to grow our business in the United States. These investments are underpinned by the unique strengths of our company and underpinned by the recent historic tax reform. "

Exxon Mobil intends to invest over $ 50 billion over the next five years in the anticipated" Growing Golf "initiative, creating approximately 45,000 jobs.

The National Association of Manufacturers (NAM) commented: "At a time when America's existing energy infrastructure on the Gulf Coast is already burdened by increased production, the importance of this type of investment can not be understated. The project will also be the US Making American manufacturers unique in order to compete globally, deliver LNG reliably and on a long-term basis, make the United States a world leader in power generation and take the US one step toward energy independence. [19659003] The effects of tax cuts on companies were explained by GT Reilly & Co in March 2018:

For tax years beginning on or after 1 January 2018, the corporate tax rate was simplified to a uniform corporate income tax rate of 21% For businesses with a turnover of up to $ 335,000, the earlier tiered corporate tax rate approach accounts for between 15% to 34% and $ 345,000 to $ 345,000 Non-calendar year taxpayers have a combined tax rate for the first year Companies ending the year at 31 March, nine months at the old rate and three months at the new rate of 21% Before the TCJA, the alternative minimum business tax (AMT) was 20%, but companies were exempted if they had an average annual turnover of less than $ 7.5 million, and the new law will make the company AMT 2018 For companies that have paid the company AMT in previous years, an AMT loan was permitted under previous law. The new law allows companies to make full use of their AMT loan transfers and the loan can be refunded.

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