A tax overhaul proposal from President Donald Trump is already drawing fire from Republicans, but the administration has announced its first big legislative wins, with companies such as ExxonMobil and Apple joining the growing ranks of winners.
On Tuesday, the White House announced that a version of the GOP tax plan would create a new credit of $1,000 for each dollar a business spends on research and development.
The credit would be capped at $5 million, with the rest of the money going to the government.
“This will bring back $2.6 trillion in tax relief over the next decade,” White House press secretary Michael Short said in a statement.
“This is a huge win for American families and businesses, and it’s a big win for our economy.”
The news also came as Exxon Mobil and Apple joined the growing number of companies who had already signed on to the plan.
The two companies are among the largest U.S. employers, and they have spent billions of dollars on research, design and development to make products like Apple iPhones.
Apple has been one of the most vocal proponents of the plan, and in a recent filing with the Securities and Exchange Commission, it revealed that it has invested $4.4 billion in research and design projects that have resulted in over 5,500 new jobs, the highest number of jobs created under Trump’s plan.