The Senate passed the Tax Cuts and Jobs Act on Saturday.

The bill allows US corporations to pay a 10% tax on deferred cash earnings and 5% on reinvested earnings.

24 of the largest US companies are sitting on $1.01 trillion in cash reserves —80% of which is held overseas.



American companies are hoarding cash like crazy — but a huge chunk of that change isn't held in the US.

Under the newly approved Senate tax plan, passed in the early hours of Saturday morning, companies would be given the chance to bring home cash stored overseas at a one-time discounted repatriation rate.

In November, Bank of America analysts crunched the numbers on these overseas reserves. They estimate American companies are sitting on $1.01 trillion cash — with 80% of those reserves held overseas.

As part of the proposed plan, companies will be allowed to pay a 10% tax on deferred cash (or cash-equivalent) earnings, and 5% on reinvested earnings. S corporations are exempt, according to the non-profit Tax Foundation. Here’s more:

Corporations have eight years to pay the tax on deferred earnings. A minimum payment of 8 percent is required for the first five years, 15 percent for the sixth year, 20 percent for the seventh year, and 25 percent for the eighth year.

Here's which US companies have the most cash on hand. These 17 companies together have over $800 billion stashed away: