Boeing chief executive Dennis Muilenburg has praised a tax bill passed by the United States congress.
The bill, which is poised to be signed into law, will be a critical driver of business, economic growth, and innovation for the United States and for Boeing, he said.
“On behalf of all of our stakeholders, we applaud and thank congress and the administration for their leadership in seizing this opportunity to unleash economic energy in the United States,” said Muilenburg.
“It’s the single-most important thing we can do to drive innovation, support quality jobs and accelerate capital investment in our country.”
The simpler tax code and lower tax rate are closer to those enjoyed by Boeing’s global competition and will have a clear and direct benefit to Boeing, its employees, and other stakeholders, the company said.
Under the terms of the new bill, the headline rate of US corporate tax will fall from 35 to 21 per cent, a move that has cheered business.
“For Boeing, the reforms enable us to better compete on the world stage and give us a stronger foundation for the investment in innovation, facilities and skills that will support our long-term growth,” Muilenburg said.
While Boeing is still studying all of the provisions of the new legislation, Muilenburg announced immediate commitments for an additional $300 million in investments that will move forward as a result of the new tax law.
Boeing will offer $100 million for corporate giving, with funds used to support demand for employee gift-match programs, $100 million for workforce development in the form of training and education, and a final $100 million for “workplace of the future” facilities and infrastructure enhancements for employees.
“Each of these investments benefits Boeing’s most important strength - our employees - and reflects the real-time impact and economic benefit of the reforms,” concluded Muilenburg.