Thanks to the Tax Cuts and Jobs Act passed by the Republican congress and signed by President Donald Trump, companies of all sizes are already giving bonuses and raises and expanding the scope of their operations.
Below are several examples of tax reform good news in South Carolina. (Additions to this list can be sent to firstname.lastname@example.org)
Solara Hospitality (Columbia, South Carolina) – cash bonuses up to $500:
“Columbia-based Solara Hospitality, developer and owner of Marriott franchised hotels in the Midlands, said it plans to provide a cash bonus of up to $500 for all hourly-paid hotel employees. The plan for the bonuses was announced at a press conference.
“Since the passage of the Tax Cuts and Job Act of 2017 we will create some financial benefit for the company and the hotels we operate and we want to share that benefit with our associates,” said Clancy Cipkala, President and CEO of Solara Hospitality, the land developer and management company for the hotels.” – Feb. 23 2018, Cola Daily article excerpt
Blackbaud (Charleston, South Carolina) -- $2,000 in stock bonuses for most employees:
“Most Blackbaud employees will receive about $2,000 worth of stock this month, a bonus the Daniel Island-based company says it's offering because of federal tax cuts approved last year.
Chief executive Mike Gianoni said in a statement that the stock award will ensure that "all employees are owners and can participate in the company's success." Shares will be distributed Feb. 28 to workers who aren’t already paid in stock.
Blackbaud is the first Charleston-based company to award a bonus tied to the rewritten tax code, but similar announcements have trickled out of corporate America since Congress approved the measure in late December.”—Feb. 7 2018, The Post and Courier article excerpt
South State Bank (Columbia, South Carolina) -- 2,800 employees getting bonuses; $1,000 bonuses for full-time employees and $500 for part-time employees:
South State Bank is pleased to announce that as a result of excellent financial performance and the recent federal tax reform efforts, it will be rewarding teams with $2.7 million.
South State will distribute $1,000 to full-time employees and $500 to part-time employees on Feb. 9 and will benefit more than 2,800 South State employees.
"Last year was an excellent year for South State. The performance of the company, along with the recent tax reform provide a great opportunity to share in this success," said Robert R. Hill, Jr., CEO, South State Corporation. "We are pleased that this payment will reach over 2,800 outstanding members of our team. Along with investing in our team, we will also invest in hiring talent and will fund investment in technology to provide enhanced solutions for our customers." – Jan. 26 2018, South State Bank press release
Nephron Pharmaceuticals Corporation (West Columbia, South Carolina) – 5% pay raises for employees:
Nephron Pharmaceuticals Corporation (Nephron) CEO Lou Kennedy today announced five percent increases for all employees with the exception of commissioned employees. The raises are a direct result of the Tax Cuts and Jobs Act that was signed into law last week by President Donald Trump.
"We are excited that the Tax Cuts and Jobs Act has given us an opportunity to recognize their hard work and sacrifices with well-deserved raises," said Lou Kennedy, CEO of Nephron. – Dec. 27 2017, Nephron Pharmaceuticals Corporation press release
Lowe's -- 8,000 employees at 49 stores and one distribution center in South Carolina. Employees will receive bonuses of up to $1,000 based on length of service; expanded benefits and maternity/parental leave; $5,000 of adoption assistance.
Apple (Apple store locations in Charleston and Greenville) -- $2,500 employee bonuses in the form of restricted stock units; Nationwide, $30 billion in additional capital expenditures; $1 billion increase in capital expenditures.
Bank of America (Multiple locations in South Carolina) -- South Carolina-based employees of Bank of America will receive $1,000 bonuses.
Cintas Corporation (Multiple locations in South Carolina) -- $1,000 bonuses for employees of at least a year, $500 bonuses for employees of less than a year.
Chipotle Mexican Grill (Multiple locations in South Carolina) – Bonuses ranging from $250 to $1,000; increased employee benefits; nationally, $50 million investment in existing restaurants.
Comcast (Multiple locations in South Carolina) -- $1,000 bonuses. Nationally, at least $50 billion investment in infrastructure in next five years.
Starbucks Coffee Company (Multiple locations in South Carolina) – $500 stock grants for all retail employees, $2,000 stock grants for store managers, and varying plan and support center employee stock grants. Nationally, 8,000 new retail jobs; an additional wage increase this year, totaling approximately $120 million in wage increases, increased sick time benefits and parental leave.
U-Haul (Multiple locations in South Carolina) – $1,200 bonuses for full-time employees, $500 for part-time employees.
Wal-Mart – 110 stores in South Carolina. Walmart employees are receiving tax reform bonuses of up to $1,000. Base wage increase for all hourly employees to $11; expanded maternity and parental leave; $5,000 for adoption expenses.
Wells Fargo – 132 locations in South Carolina; raised base wage from $13.50 to $15.00 per hour; Nationally, $400 million in charitable donations for 2018; $100 million increased capital investment over the next three years.
Note: If you know of other South Carolina examples, please email John Kartch at email@example.com
The running nationwide list of companies can be found at www.atr.org/list