Apple says it will pay a $38 billion tax bill to move foreign money back to the US

As part of an announcement today, Apple said it would pay $38 billion in taxes to bring money held overseas back to the United States.

Apple was a major winner of recent changes to the tax code, which significantly cut corporate payments. The company has about $250 billion in cash stored overseas, but under changes to tax law, companies can bring that money back to the US with lower penalties.

Apple had already stored $36.3 billion to pay the bill and move the cash. The company also said in its announcement that it would look to create 20,000 jobs over the next five years, and that would it begin construction of a new campus.

“We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness,” Tim Cook said in a statement making the announcement. “We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”