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List of Tax Reform Good News

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List of Tax Reform Good News List of Tax Reform Good News 1,200 examples of pay raises, charitable donations, special bonuses, 401(k) match hikes, business expansions, benefit increases, and utility rate reductions attributed to the Tax Cuts and Jobs Act As of August 17, 2020. Please send any additions to this list to John Kartch at [email protected] This list and all 50 state lists are constantly updated – please access this national list and all 50 state lists at www.atr.org/list A 1A Auto, Inc. (Westford, Massachusetts) -- Bonuses for all full-time employees: Massachusetts based online auto parts retailer 1A Auto announced across the board cash bonuses for all full-time employees. CEO Rick Green says that the decision was based on recent changes to tax policy. In a company meeting Wednesday, Green told employees, "Ultimately the tax savings will be passed to our customers in the form of lower prices, but we want to also share some of the savings with you, our hard-working employees." Jan. 25, 2018 1A Auto, Inc. press release 2nd South Market (Twin Falls, Idaho) -- A food hall is opening because of the TCJA Opportunity Zone program, and is slated to create new jobs: One of the nation’s fastest-growing trends, food halls, is coming to Twin Falls. 2nd South Market, slated to open this summer, will be housed in the historic 1926 downtown Twin Falls building formerly occupied by the Salvation Army. 2ndSouth Market will be the first Opportunity Zone project to open in Idaho and the state’s third Opportunity Zone investment. Opportunity Zones were established in the 2017 Tax Cuts and Jobs Act to encourage long-term investment in low-income communities through tax breaks. Kelsar Property owners Dave and Lisa Buddecke are gutting and remodeling the 94-year-old building to expose original wood ceilings/trusses, windows and doors. At Second Avenue South and Hansen Street, the 13,000-square-foot indoor area will house several food vendors in a large open space concept. The 14,700-square-foot outdoor fenced space will be open during summer and fall for additional outdoor seating, private events, open-air markets and corn hole games. A stage is planned for live music and other amenities. -- February 27, 2020 Twin Falls Times-News article 1st Source Corporation (South Bend, Indiana) -- 10 shares of stock; base pay increases: 1st Source Corporation announces important investments in its people as a result of record performance in 2017 and new tax legislation opportunities. These new investments include the following: ● The issuance of 10 shares of 1st Source stock currently valued at $500.00 in early 2019 (which must be held for three years) to all employees who were active with the company December 31, 2017 and are also active with the company on December 31, 2018. ● An additional performance award base pay increase of $500.00 to eligible colleagues. ● A significant increase in the company's higher education tuition reimbursement program to an annual benefit of $6,000 from $3,000. Christopher J. Murphy III, Chairman and CEO stated. "We believe in shared ownership among all our colleagues at 1st Source. We also believe the new tax act gives us additional funds to invest in the company's long term future. -- Jan. 31, 2018 1st Source Corporation 1st Summit Bank (Johnstown, Pennsylvania) – $1,000 bonuses to full-time employees; salary raises; increased charitable donations. 2nd South Market (Twin Falls, Idaho) -- A food hall is opening because of the TCJA Opportunity Zone program, and is slated to create new jobs: One of the nation’s fastest-growing trends, food halls, is coming to Twin Falls. 2nd South Market, slated to open this summer, will be housed in the historic 1926 downtown Twin Falls building formerly occupied by the Salvation Army. 2ndSouth Market will be the first Opportunity Zone project to open in Idaho and the state’s third Opportunity Zone investment. Opportunity Zones were established in the 2017 Tax Cuts and Jobs Act to encourage long-term investment in low-income communities through tax breaks. Kelsar Property owners Dave and Lisa Buddecke are gutting and remodeling the 94-year-old building to expose original wood ceilings/trusses, windows and doors. At Second Avenue South and Hansen Street, the 13,000-square-foot indoor area will house several food vendors in a large open space concept. The 14,700-square-foot outdoor fenced space will be open during summer and fall for additional outdoor seating, private events, open-air markets and corn hole games. A stage is planned for live music and other amenities. -- February 27, 2020 Twin Falls Times-News article 3M Company (Maplewood, Minnesota) – the company increased employee pension contributions by $600 million: 3M said its tax rate under the new "Tax Cuts and Jobs Act" will fall to 20 percent to 22 percent in 2018, down from a prior rate of 26 percent to 27 percent. Executives said they will use the savings to boost returns for shareholders, increase pension reserves and to invest in the company. – Jan. 25, 2018 Star Tribune article excerpt In 2017, free cash flow conversion was impacted by enactment of the TCJA, along with an additional U.S. pension contribution of $600 million that 3M made following the signing of tax reform. – 3M Annual Report for the fiscal year ending December 31, 2018 AaLadin Industries, Inc. (Elk Point, South Dakota) – Bonuses of $250 - $1,000 based on length of service; base wage raised; increased capital expenditures: This 38 year old family owned manufacturer of high pressure cleaning equipment (AaLadin Cleaning Systems), accessories for the cleaning industry (Steel Eagle Inc.), and hunting and towing products (Rugged Gear, LLC) is giving its 80 plus employees bonuses ranging from $250 to $1000 based on time served at the company. They are also going to be implementing a new starting wage policy effective March 1, 2018. They are planning on spending somewhere between 1 and 2 million dollars on new equipment to enhance their 125,000 square foot facility. Thank you President Trump for your vision for the future! – Jan. 31, 2018 statement of CEO/COB Patrick Wingen AAON (Tulsa) – this heating and cooling firm gave $1,000 bonus checks to 2,000 employees: “We are very appreciative of all AAON employees and want to commemorate the passing of this historic, economy-stimulating tax reform law. While most employees are shareholders of the company and benefit as a result of the new tax law, we felt it appropriate to provide a more direct recognition of their importance to AAON’s future success.” -- Jan. 2, 2018 AAON press release AbbVie, Inc. (North Chicago, Illinois) -- permanent salary increases for all non-executive employees; increased profit sharing for employees; one additional holiday for U.S. employees. AccuWeather (State College, Pennsylvania) – year-end bonuses to all employees. (Approx. 450 – 500 employees) “The bonuses are possible due to the company's robust financial performance in 2017 and strong confidence in the growing U.S. and global economy now that the Tax Bill has passed.” – Dec. 26, 2017 AccuWeather press release Adams Community Bank (Adams, Massachusetts) -- $1,000 bonuses for full-time employees; $500 bonuses for part-time employees; base wage raised to $13.25 per hour; other wage increases; increased charitable contributions, increased capital expenditures, and more: Adams Community Bank today announced investments in its employees, customers, and the Berkshire community following the recent passage of federal tax reform legislation. These investments include: ● Paying a special one-time bonus of $1,000 to full time employees, and $500 to part time employees. This initiative is focused on those employees making below a certain compensation threshold. ● Increasing base pay by $1 per hour for regular non-officer employees making below a certain compensation threshold. ● Raising our minimum wage to $13.25. ● Reducing the employee’s share of medical and dental insurance premiums from 30% to 20%, for all bank employees who are not officers. ● Increasing interest rates on customer deposit products beginning in January. In addition, during 2018 Adams Community Bank will be upgrading our website, ATM’s and streamlining account-opening processes. Finally, the Bank anticipates having more money to use for our long-standing goal of donating 10% of net income each year to local charitable and non-profit initiatives. “The recent change to the Federal tax law offered a unique opportunity to assess how we can use this savings to improve our community,” said Charles O’Brien, President and CEO. “The bank will benefit from the lowering of corporate tax rates and as a true community bank headquartered in the Berkshires we would like to pass along these savings right here at home by investing in our staff, our customers, and the local community. These initiatives will put more money into the pockets of our employees, our customers, and the local non-profit community which will serve to benefit the Berkshire economy. We are thrilled that more than 80% of our staff will be positively impacted by these changes. In addition we are planning to add to our staff during 2018 by hiring several employees to better serve our growing customer base.” O’Brien also noted “these compensation changes are in addition to the full complement of benefits the bank offers including an existing incentive plan for all staff, our pension and 401(K) plans, life insurance, tuition reimbursement, employee wellness, and more. Some banks have eliminated or scaled back on some of these benefits but we strive to attract the most talented staff. Our entire salary and benefit package is the most competitive offered by any community bank within Berkshire County.” -- Jan.
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