2,000,000 workers (and counting) are already seeing the benefits of this historic tax cuts bill with businesses across the country that are now giving bonuses, pay raises, and new investments that will get our economy back on track. Below are just a few of the companies that are taking action as a direct result of the Tax Cuts and Jobs Act.
AaoN | accuweather | advance financial | advanced sciences & Technologies | aFLAC | alaska air | amarillo national bank | americacollect | AMERICAN AIRLINES | american bank | american community bank | american express | American Savings Bank | andymark | anfinson farm store | apple | apps portamedic | Aquesta Financial Holdings | ar-15 gun owners of america | associated bank | ASSURANT | AT&T | atlas air | autonation | Ball Ventures | baltimore gas & eletric | Bancorp south | bank of advance | Bank of America | bank of colorado | Bank of Hawaii | bank of the james | bank of the ozarks | bb&T | berkshire hills bank | black hills energy | blessey marine | Boeing | camden national bank | Canary LLC | capital one | carl black automotive group | central bank | Central Pacific Bank | charlie bravo aviation | charlotte pipe and foundry | citizens BANK | clayton distillery | coach, truck, & tractor | cogent building group | Colling Pest Solutions | Comcast | comerica | commerce bank | commonwealth edison | community trust bank | copperleaf assisted living | Cornerstone Holdings | customers bank | darden restaurants | data sales co. | Dayton T. Brown Inc. | DENIZENS BREWING COMPANY | DePatco | dime community bank | dtn | dyer capital | Eagle Ridge Ranch | eagle telephone system, inc. | EastIdahoNews.com | eberle communications group | elite clinical trials | elite roofing systems | emkay | empire state bank | employers mutual communications group | ennis inc. | express employment prc | fiat chrysler | fidelity | Fifth Third Bank | firebird bronze | first farmers bank | first financial | first financial northwest | First Hawaiian Bank | first horizon national corp | first merchants | first midwest bank | firstcapital bank of texas | 5 senses spa | fleming car and truck country | the flood insurance agency | Fort Ranch | Frank L. VanderSloot Foundation | ftch | Gardner Company | Gate city bank | Get Found First | gnarly barley | great southern bank | great western bank | group 1 automotive | Gulf coast bank | harborone bank | the hartford | hawaii national bank | heartland bank | home bank | homestreet bank | humana | iat insurance group | inland northwest bank | information first | insperity | InUnison Inc. | ISG | jetblue | jones auto & towing | jordan winery | kansas city southern | Kauai Cattle LLC | kevin-charles furniture | key bank | kish bank | kramerica properties | lawrence paper company | Mainsource financial | M&T Bank | mb financial | melaleuca | MERIDIAN BANK | Mid-AM | Move it or Lose it Moving LLC | musicnotes | national bank holdings corp | nationwide | Natural Guardian | navient | Nelnet | Nephron pharmaceuticals | new liberty distillery | nextier bank | northco products, inc. | Northpoint Apartments | northwestern energy | OceanFirst | ohnward business | oklahoma corporation commission | old dominion freight line | oncor | pacific power | peoples bank | peoples bank | pepco | Pinnacle | pioneer credit recovery | PNC Bank | priority courier experts | regions financial | Resident Construction LLC | Riverbend Communications | Riverbend Management, Inc. | Riverbend Ranch | Riverbend Services | rocky mountain power | Royal Hawaiian Heritage Jewelry | rush enterprises | russell lands | sheffer corporation | ShopRite | Sinclair Broadcast | skywest airlines | Smith Chevrolet | Smith Honda | Smith RV | south point | Southwest | spellex corporation | Steel Design LLC | Stifel Financial Corp. | summit state bank | sun community news | SUN TRUST | sutter masonry | tcf financial | territorial savings bank | texas capital bank | tokio marine hhc | total system services | travelers | Turning point | U.S. Bank | united bank | unity bank | UPS | visa | walmart | washington federal | waste management | webhobby shop | webster bank | Wells Fargo | western alliance | western & southern financial group | WHITE PINE WINERY | Willow Creek Woodworks | windsor federal savings | yam worldwide | yancey bros. | zions bank
AaoN – Tulsa, OKla.:
Personnel employed by AAON, excluding officers, will receive a $1,000 bonus in recognition of the new tax reform law. AAON employs approximately 2,000 individuals at its Tulsa, Oklahoma and Longview, Texas facilities.
accuweather – State College, Penn.:
AccuWeather, the world’s fastest-growing provider of forecasts and warnings and a global leader in digital media and weather-related big data, announced it is pleased to be providing special year-end bonuses to all employees. AccuWeather said 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.
advance financial – Nashville, Tenn.:
Advance Financial Chief Experience Officer Tina Hodges announced to employees Friday morning a tax initiative that will yield an additional collective $500,000 to employees and more than $550,000 to community organizations.
1.) Increasing its 401(k) match from 3 percent to 5 percent for all employees.
2.) Increasing the share of profits that front line employees can receive from 3 percent to 5 percent. (Front-line employees, who man Advance Financial’s 85 locations across Tennessee, account for 85 percent of the company’s 800-plus employees.)
3.) Increasing giving to the Advance Financial Foundation by 8 percent. (The foundation provides donations to nonprofit organizations in communities served by Advance Financial.)
The company’s average starting wage is more than $15 an hour.
advanced sciences & Technologies – berlin, n.j.:
Increased 401(k) match for employees.
AFLAC – Columbus, Ga.:
Aflac announced that it is increasing investments by $250 million in the U.S., which will result in the producktion of jobs and employee benefits, and marks a significant commitment from mid-sized market cap company. Additionally, Aflac will increase their company’s 401(k) match, from 50% to 100% on the first 4% of employee contribution and make a one-time contribution of $500, helping families to build up their nest egg.
alaska air – Seattle:
Alaska Airlines is giving its employees a $1,000 bonus, citing the tax cut passed last month by Congress and signed by President Donald Trump.
amarillo national bank – amarillo, texas:
Christmas came early for more than 300 employees at Amarillo National Bank when they found out they’d be getting a $1,000 pay raise.
The bosses at ANB are saying the pay increase is because of the GOP’s tax reform bill.
The raises are the highest salary and wage increases in the bank’s history.
313 of the bank’s 600 full-time, non-salaried employees will get an immediate raise of $1,000.
americacollect – Manitowoc, Wis.:
A Manitowoc-based company will give its roughly 250 employees a bonus following Congress’s passage of the tax reform bill the Tax Cuts and Jobs Act.
American Airlines – Fort Worth, Texas:
No. 1 U.S. airline American Airlines Group Inc said it would give its employees a $1,000 bonus in light of the recent tax reform bill.
american bank – Allentown, Penn.:
American Bank became the first Lehigh Valley business to publicly announce it is paying $1,000 bonuses to its 60 workers in connection with the tax bill signed Friday by President Donald Trump.
american community bank – woodstock, wis.:
$500 to each employee and announced additional hiring plans.
american express – new york:
Overall, we believe the Tax Act will be a positive development for both the U.S. economy and American Express. Given the momentum in the business and the anticipated benefit of a lower tax rate, we now expect to invest up to $200 million more in 2018 than we originally planned for customer-facing growth initiatives. We’ve also made an incremental contribution to our employee profit-sharing plans to support the long-term financial well-being of our employees. And, for shareholders, we expect to use the remaining anticipated benefits to build capital and support earnings growth in 2018.
American Savings Bank – Honolulu:
The third-largest bank in Hawaii said it will award $1,000 bonuses to nearly all of its employees. In addition, the bank said it was increasing its starting wage to $15.25 an hour from $12.21 an hour.
andymark – kokomo, ind:
Andy Baker, president and owner of AndyMark, which manufactures and distributes mechanical and electrical parts for the competitive robotics market, said savings from the tax cut has accelerated his plans to hire more workers.
He said the company currently employs 25 full-time workers and up to 30 part-time and seasonal workers. Now, Baker anticipates doubling his workforce in the next five to 10 years.
“I think the tax bill is going to accelerate our growth,” he said. “We want more diversity with our business and more vertical integration, which requires more staff, and the tax cut its going to accelerate all that.”
anfinson farm store – cushing, iowa:
Anfinson Farm Store, a family business in Cushing, Iowa, has awarded $1,000 bonuses and raised wages 5% for all full-time employees as a result of tax reform. The good news was delivered to employees in person just after Christmas.
apple – cupertino, calif.:
Apple Inc. told employees Wednesday that it’s issuing a bonus of $2,500 worth of restricted stock units, following the introduction of the new U.S. tax law, according to people familiar with the matter.
The move comes on the same day Apple said it would bring back most of its cash from overseas and spend $30 billion in the U.S. over the next five years, funding an additional technical support campus, data centers and 20,000 new employees.
apps portamedic – bellevue, wash.:
At the Bellevue small business called APPS Portamedic, two employees schedule the health tests people get when they apply for life insurance.
Owner Ben Oakley says he’ll benefit from the new tax rules for many small businesses.
“Anything from the 20 percent reduction down to 17.5 percent, we have a lot of equipment in our business so we’re going to see a tax break there. I was looking at the numbers just based on our simple tax bracket as my wife and I you know it’s about a $2,500 benefit just for income tax alone,” Oakley said in an interview.
Aquesta Financial Holdings – Cornelius, N.C.:
Aquesta Financial Holdings in Cornelius, N.C., will raise hourly pay to $15 and will be giving $1,000 bonuses to all of it workers.
ar-15 gun owners of america – warner robins, ga.:
Tax reform bonuses; increased salaries for all employees.
associated bank – green bay, wis.:
Associated Bank said it will boost its minimum hourly wage to $15 and pay workers a $500 bonus when the recently passed federal tax reform is signed, making it the first major Wisconsin firm to announce it is joining the list of companies saying their employees will directly benefit from the legislation.
The Green Bay-based bank, the largest financial institution headquartered in the state, said it will raise its minimum wage to $15 an hour from $10 — a 50% boost — and distribute the one-time bonus to all hourly, non-commissioned employees once the tax legislation is signed into law.
ASSURANT – New York:
U.S. tax reform a positive for Assurant. Based on preliminary review, Assurant expects:
- Effective tax rate to be reduced to approximately 22%-23% on Assurant current standalone income worldwide
- No transition tax on accumulated foreign earnings
- Future dividends from Assurant’s non-U.S. subsidiaries not subject to U.S. tax
- Q417 will include a one-time benefit to consolidated GAAP net income due to the reduction of net deferred tax liabilities, but write-down on a statutory basis for the insurance subsidiaries due to the reduction of net deferred tax assets
AT&T – Dallas:
Once tax reform is signed into law, AT&T plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers. If the President signs the bill before Christmas, employees will receive the bonus over the holidays.
atlas air – Purchase, N.y.:
Atlas Air will be providing a special one-time bonus payment to all full-time flight and ground staff employees below the officer level. We are pleased to offer this bonus to our flight crew employees as the Union is in agreement. This bonus will be funded by a tax refund that the Company expects as a result of the newly enacted U.S. tax law.
The $1,000 bonus will be provided in early January.
autonation – ft. lauderdale, fla.:
AutoNation announced that it will double its matching contributions to employees’ 401(k) plans, increase its deferred compensation match to up to 100% for the first $5,500 and launch a cancer benefits program for employees diagnosed with the disease.
Ball Ventures – idaho falls, ida.:
Ball Ventures, a commercial real estate investment and development company, is giving each employee $100 for every year of their employment.
baltimore gas & electric – baltimore:
BGE will file with the Maryland Public Service Commission (PSC) to pass approximately $82 million in annual tax savings to customers, resulting from federal tax cost reductions. The Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018. If approved by the PSC, the average BGE residential electric customer can expect to see an estimated $2.31 decrease on their monthly bill, and the average residential combined natural gas and electric customer can expect an estimated $4.27 monthly reduction, effective in February 2018.
Bancorp south – Tupelo, Miss.:
BancorpSouth said it was giving pay increases and one-time businesses totaling more than $10 million as “an additional investment … to nearly all non-commissioned employees.”
The investment this year will benefit 96 percent of the company’s non-commissioned workforce, BancorpSouth said. The pay increases were effective Jan. 1.
bank of advance – advance, mo.:
$1,000 bonuses to all staff.
Bank of America – Charlotte, N.C.:
“Beginning in 2018, we will see benefits from the tax reform, too, in the form of lower corporate tax rates. In the spirit of shared success, we intend to pass some of those benefits along immediately. U.S. employees making up to $150,000 per year in total compensation – about 145,000 teammates – will receive a one-time bonus of $1,000 by year-end.”
bank of colorado – fort collins, colo.:
Bank of Colorado is paying a special bonus of $1,000 to each full-time associate to share the benefit of the tax cut passed earlier this month by Congress.
President of Bank of Colorado, Shawn Osthoff said, “We feel strongly that the message should be loud and clear that this is a tax cut that will benefit all Americans.” Bank of Colorado has 641 associates in Colorado and New Mexico.
Bank of Hawaii – Honolulu:
The state’s second-largest bank, said it will give out $1,000 cash bonuses to 2,074 employees, or 95 percent of its workforce. The bonuses affect all employees below the senior vice president level. The bank also will increase its minimum wage to $15 an hour from $12 an hour.
bank of the james – Lynchburg, Va.:
Bank of the James, Lynchburg, Va., raised its minimum wage to $15 per hour for employees with more than one year of service, added vacation days and substantially increased its charitable giving plans for 2018.
bank of the ozarks – Little rock, ark.:
Bank of the Ozarks has announced an annual cash-based incentive bonus plan for hourly employees and certain other employees.
Under the terms of the plan, employees of the Little Rock-based bank will be eligible to receive a cash award of up to $1,200 annually based on company and individual employee performance. Approximately 2,300 of the company’s current employees will be eligible to receive awards under the plan.
bb&T – Winston-Salem, N.C.:
Nearly three-fourths of BB&T Corp.’s employees will get a one-time $1,200 bonus in January as part of the bank’s response to the corporate tax rate cut signed into law by President Donald Trump.
About 27,000 BB&T employees will receive the bonus. Most of them are not eligible for incentives or commissions, BB&T said. The bank had 37,189 employees as of Sept. 30, according to a regulatory filing.
The bank also will raise its minimum hourly wage to $15 from $12 on Jan. 1, as well as provide $100 million to the bank’s philanthropic fund.
berkshire hills bank – Boston:
- Raising Berkshire’s minimum wage to $15 per hour.
- Providing a special, one-time bonus of $1000 to over 1000 employees. This grant benefits all full–time employees below a certain compensation threshold, covering over 70% of the Bank’s workforce, and augments the special $500 holiday bonus these colleagues received in the fourth quarter.
- Enhancing Berkshire’s investment in employee development and training programs to benefit our employees and bolster our current offering at AMEBU – American’s Most Exciting Bank University.
- Contributing $2 million to the Berkshire Bank Charitable Foundation which supports charitable organizations, scholarships, and volunteerism across Berkshire’s local communities. This will bolster the foundation’s endowment and allow for increased local giving. Last year we provided over $2 million to our local communities, complementing our employee volunteer program which helps our employees contribute over 40,000 hours of volunteer service each year.
black hills energy – rapid city, s.d.:
“Black Hills Energy is currently reviewing the recently approved Tax Cuts and Jobs Act of 2017,” spokeswoman Brandy Johnson said in an email. “We will work with utility regulators to develop a plan to provide customers the benefit of the corporate tax rate reduction.”
blessey marine – Harahan, La.:
Boeing – Chicago:
- $100 million for corporate giving, with funds used to support demand for employee gift-match programs and for investments in Boeing’s focus areas for charitable giving: in education, in our communities, and for veterans and military personnel.
- $100 million for workforce development in the form of training, education, and other capabilities development to meet the scale needed for rapidly evolving technologies and expanding markets.
- $100 million for “workplace of the future” facilities and infrastructure enhancements for Boeing employees.
camden national bank – camden, maine:
$1,000 bonus for full-time employees, a $750 bonus for part-timers and new funding both for customer-focused technology upgrades and for its community giving.
Canary LLC – Denver:
Canary LLC announced it will hire new employees and purchase more equipment.
capital one – mclean, va.:
Capital One is raising its base wage to $15 per hour for U.S. employees.
The news was announced to associates on Tuesday January 9, 2018.
carl black automotive group – Kennesaw, Ga.:
- Bonus to over 500 employees, amount depending on years of service
central bank – St. Louis:
Central Bank of St. Louis employees will get a special bonus as a result of the new federal tax reform.
Central Bancompany, Inc., which employs more than 2,500 people across four states, announced Friday that full-time employees would receive a $1,000 bonus and part-time employees would receive a $500 bonus.
Central Pacific Bank – Honolulu:
Hawaii’s fourth-largest bank told the Star Advertiser it would provide $1,000 cash bonuses to employees outside of the executives on its management committee on Friday, as well as increase its starting pay to $15.25 an hour from $12 an hour on January 1. “With the announcement of the lowering of the corporate tax rate, we are delighted to be able to make this holiday season extra special for our hard-working employees, our most important asset,” CPB President and CEO Catherine Ngo said in a statement.
charlie bravo aviation – georgetown, texas:
CEO Rene Banglesdorf of Charlie Bravo Aviation in Georgetown, Texas, committed to handing out $1,000 bonuses to her company’s six employees. Especially helpful to their operation, which sells and leases pre-owned aircraft, was that the bill allows immediate expensing of new and used equipment purchases.
charlotte pipe and foundry – Charlotte, N.C.:
As an expression of gratitude for their hard work and dedication, and in anticipation of the lower federal tax rates made possible by The Tax Cuts and Jobs Act, we are pleased to be able to pay each Charlotte Pipe associate a special $1,000 bonus.
citizens BANK – Providence, R.i.:
Citizens Bank is giving bonuses to its employees in the wake of the federal tax plan recently passed by Congress. Citizens Financial Group said it will contribute $12.5 million toward one-time $1,000 cash bonuses to an estimated 12,500 employees, as well as $10 million to the Citizens Charitable Foundation.
clayton distillery – Jefferson County, N.y.:
Michael L. Aubertine is looking forward to upgrading his Clayton Distillery using the extra revenue he’ll have due to the excise tax reduction for spirits from the federal tax reform bill.
coach, truck, & tractor – conneaut, ohio:
higher Christmas bonuses thanks to tax reform for this family business with seven employees. Bonus amounts determined by length of service.
cogent building group – point clear, ala.:
$2,000 bonuses for all four employees.
Comcast – Philadelphia:
Comcast joined the growing list of companies announcing bonuses for employees due to the passage of the Tax Cuts and Jobs Act that allows businesses to be competitive again. More than 100,000 employees will now receive $1,000 bonuses, and the company plans to invest $50 billion over the next five years which will lead to the creation of thousands of jobs.
comerica – dallas:
Dallas-based Comerica provided a $1,000 bonus for its non-officer employees and boosted its bank-wide minimum wage to $15.
commerce bank – kansas city, mo.:
Citing the new federal tax reform legislation, Commerce Bancshares is giving thousands of its employees a $1,000 bonus.
The parent company of Commerce Bank, which has corporate offices in Clayton and Kansas City, said 3,450 full-time employees, or 75 percent of its workforce, will get the $1,000 bonus. Eligible part-time employees will get a $250 cash bonus.
commonwealth edison – kansas city, mo.:
ComEd is filing a petition with the Illinois Commerce Commission (ICC) seeking approval to pass along approximately $200 million in tax savings to its customers in 2018. If approved by the ICC, the average ComEd residential customer can expect to see an estimated $2-$3 decrease on their monthly bill related to the tax reduction.
The Tax Cuts and Jobs Act (TCJA), which was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018, decreased the corporate tax rate from 35 percent to 21 percent, reducing the amount of federal income tax ComEd will have to pay.
community trust bank – chicago:
Community Trust Bancorp, Inc. is pleased to announce that in recognition of the contribution of the Company’s employees to the ongoing success of Community Trust Bancorp, Inc. and the positive impact the changes in tax laws will have on the Company, a special bonus for employees. All full time employees will receive a special bonus of $1,000 and employees classified as part time will receive a $500 bonus. Executive Management will not participate in this special bonus. The bonus will be paid to employees as soon as the new tax tables are released in 2018 so that employees may receive the full benefit of the reduction in tax rates.
copperleaf assisted living – Rothschild, Wis.:
An assisted-living business will give its 175 employees bonuses up to $600 as a result of the tax reform package passed by Congress and signed by President Trump.
customers bank – Wyomissing, PA.:
Customers Bank announced Friday that it pass to pass along some of its tax savings to consumers and the community, starting with a bonus checking account that earns two percent interest.
The new bonus checking account offers two percent APY on monthly average balances up to $100,000, with no fees or minimum balance requirements. To qualify, customers need to use their account’s debit card for signature purchases of at least $500 each month.
Customers Bank also announced Friday that it will increase its charitable giving by $1 million in 2018 and continue to pay its employees at least $15 per hour.
darden restaurants – orlando, fla.:
The Orlando-based restaurant chain said Monday the tax cut will prompt it to spend an additional $20 million on its 175,000-plus employees this year, but did not give specifics.
data sales co. – scottsdale, ariz.:
Data Sales Co., Inc. announced that the Company will celebrate the recent passage of tax reform legislation by distributing to all 80 plus employees a special bonus of $1,000 each. Data Sales Co. will benefit from the new tax law lowering the corporate tax rate from 35 percent to 21 percent.
Dayton T. Brown Inc. – Hollywood, Md.
Dayton T. Brown Inc., an engineering and testing company, is giving each of its roughly 210 employees a $400 bonus.
Denizens brewing company – silver springs, md.:
- “Your first five years are when you’re trying to earn every penny,” says Julie Verratti, who co-founded Denizens Brewing Company in Silver Spring, Maryland in 2014 with a business loan backed by her own house. She estimates the tax break will save her $6,000 in 2018. “Every single bit of that goes back into the business.”
dime community bank – New York:
- Create jobs, by accelerating the hiring of new associates, particularly in technology, regulatory compliance, cybersecurity and relationship banking, along with more rapid adoption of technology to improve the customer experience and bring additional products and services to our customers; absent the new tax law, these business-building actions would normally have occurred over a much longer time frame;
- Review our corporate policy and practices relating to common stock dividends to determine the appropriate level of payout in light of the improved earnings outlook over the near and intermediate term.
- Pay a one-time $1,000 bonus to all non-executive employees thereby enabling them to also share immediately in the benefits of the tax cut.
- Institute a Corporate Matching Gift program as a way to encourage Dime’s employees to give back to their communities and leverage their commitment through a matching gift.
- In 2017, Dime made over $450,000 available to local charities and disaster recovery organizations. Beginning in 2018, our goal is to double the amount of our philanthropic and community giving.
dtn – burnsville, minn.:
DTN, an independent provider of information and actionable insights in the areas of agriculture, transportation and energy, and publisher of The Progressive Farmer, gave $1,000 bonuses to nearly 700 employees.
dyer capital – marion, mass.:
Base wage raised 3.5% to $22 per hour; hourly employees also received a special one-time bonus.
eagle telephone system, inc. – hells canyon snake river corridor, ore.:
Though our Companies are small in comparison to Boeing and AT&T and others on this list, our hearts are none the less just as big or bigger, said Mike Lattin, President and CEO of Eagle Telephone System, and Eagle Valley Communications, dba Comco Construction.
Mike announced that both Eagle and Comco employees will be receiving $1000.00 bonuses by the holidays, this is due in large part to the recent tax reform bill having been passed and also the fact that President Trump has worked very hard to lessen the regulatory burdens that had been put on our industry by the previous administration. Combined these companies employ 19 people in a very rural part of Eastern Oregon; Richland. Our services include providing telephone and broadband, cellular and wireless, as well as construction services of all types. Our services are critical to the Rural market we serve. A sample of our market is Hydro Production along the Hells Canyon stretch of Snake River, Ranchers, Cattle Producers and Farmers, providing everything from beef, lamb, soy, alfalfa, hay, dairy products and more, Forest Production Practices and in large part Recreation in all four seasons.
Mike stated that he believes that this administration is looking out for us, for Rural America and that is what we need to keep our industry competitive world wide. He finished by stating that this administration and the tax reform bill just passed have been a god send to Rural Eastern Oregon. – Statement by Rustin Lattin, for Mike Lattin, President and CEO.
eberle communications group – mclean, va.:
Increased 401(k) match from 25% to 50% for all 45 employees.
emkay – Itasca, Ill.:
EMKAY, Inc. has announced that all full-time employees will receive a $1,000 bonus in response to the tax reform that was just signed by President Trump. EMKAY, a privately-owned fleet management company, wasted no time in taking action to pass the benefits of this reform on to their team.
empire state bank – newburgh, n.y.:
Empire State Bank has provided a one-time bonus of $500.00 to its full time and $250.00 to its part time employees. Executive management was excluded.
“We are happy to share the benefit with our employees who continue to provide outstanding service to our customers, as well as our shareholders who will see this benefit fuel the continued growth and bottom line results,” said Philip Guarnieri, CEO. “We will be adding at least 10 new jobs and expanding our footprint in the Staten Island and Brooklyn communities,” said Thomas Sperzel, President and COO.
employers mutual communications group – des moines, iowa:
$1,000 bonuses for employees with the exception of Vice Presidents and above.
ennis inc. – Midlothian, Texas:
Ennis, Inc., a manufacturer of business forms and other business products headquartered in Midlothian, Texas, announced today that in conjunction with the signing of the Tax Cuts and Jobs Act of 2017, the Ennis Board of Directors has approved a special one-time bonus to more than 2,200 non-management employees in the amount of $500.00 each. This payment will take place with the first payroll period in January 2018.
In addition, in response to this landmark act the Board of Directors has declared a special one-time cash dividend of $0.10 a share of our common stock. The dividend will be paid on February 9, 2018 to shareholders of record on January 12, 2018.
express employment prc – Oklahoma City:
Express Employment Professionals nonexecutive employees in Oklahoma City each will receive a $2,000 bonus before the end of the year, CEO Bob Funk said.
Funk said the bonus is in part because of the company’s expected savings from the tax reform legislation Congress passed last week.
fidelity – Dunmore, Penn.:
According to Fidelity Bank, $1,000 was paid to all of the bank’s full-time employees who earn less than $100,000 in annual compensation.
Fidelity Bank has 185 full-time and part-time employees.
The bank’s 11 part-time employees received a cash payment of $500.
The law Congress recently passed — reducing the corporate tax rate from 35 percent to 21 percent — made the investments in its employees possible.
fiat chrysler – london, u.k.:
Fiat Chrysler Automobiles will invest more than $1 billion to modernize the company’s Warren Truck Plant in metro Detroit, adding 2,500 jobs and moving production of its Ram Heavy Duty trucks from Mexico.
The changeover is to be complete in 2020.
The company said that the new federal tax law made the shift possible. That legislation, signed into law in December, cut the corporate tax rate from 35% to 21%.
FCA also announced $2,000 bonuses that will be paid in the second quarter of this year to 60,000 hourly and salaried employees in the U.S., excluding senior leadership. Those bonuses are to be in addition to any profit sharing or performance bonuses the employees would receive this year.
Fifth Third Bank – Cincinnati:
- Will pay more than 13,500 employees a bonus of $1,000 by the end of this year.
- Will raise their company minimum wage to $15 an hour, which will amount to a raise for nearly 3,000 workers.
firebird bronze – damascus, ore.:
FireBird Bronze (Damascus, Oregon) – thanks to tax reform this full-service foundry with nine employees is able to offer health insurance for the first time. They are also upgrading equipment and hiring, and building a new facility in Troutdale, Oregon with plans to be up and running by the Spring.
We are a small manufacturing business casting artwork for artists in bronze, we have 9 employees and because of the tax cuts and the current business friendly climate we are for the first time offering employees health care insurance costing our company 40k per year. – Rip Caswell,
first farmers bank – Converse, Ind.:
First Farmers Bank and Trust in Converse, Ind., said that it would raise its minimum hourly wage by $2.50, provide a 2017 year-end bonus of $750 for all full-time employees, invest at least $250,000 annually in community development activities and spend at least $150,000 per year on employee professional development.
first financial – Cincinnati:
First Financial Bancorp will raise the starting wage for all new and existing hourly associates to $15 an hour effective immediately. Additionally, the bank has made a $3 million contribution to its newly established charitable foundation. This announcement comes as a result of the recently passed tax legislation, which includes a reduction in corporate tax rates.
first financial northwest – Renton, Wash.:
First Financial Northwest, headquartered in Renton, Wash., said it would pay a $1,000 bonus to all of its non-executive employees.
FIRST HAWAIIAN BANK – Honolulu:
The state’s largest bank, said it will give out $1,500 cash bonuses to 2,264 employees, or all but 11 members of its senior management team. The state’s largest bank also will increase its minimum wage to $15 an hour from $12.75 an hour for 613 employees.
first horizon national corp – Memphis, Tenn.:
First Horizon will distribute $1,000 bonuses to eligible employees in January. The one-time payouts will be offered to employees who do not participate in company-sponsored bonus plans.
“Our merger with Capital Bank – the largest in our company’s history – thus far it has been a seamless transition thanks to our employees. And as a result of this outstanding performance and because of recent tax reform efforts that we believe will benefit First Horizon, we are happy to offer bonuses to our people who work hard every day to maintain First Horizon’s reputation as one of the best companies to work for and one of the most trusted banks in the country.”
first merchants – muncie, ind.:
First Merchants Corporation announced that it will raise the wage paid to hourly employees by $1 per hour as a result of the Tax Cuts and Jobs Act of 2017 signed by President Trump in Dec. 2017.
Additionally, as a reward for the company’s strong 2017 performance, all associates, excluding senior management, will receive a $500 one-time cash bonus. Part-time associates will receive a pro-rated share.
first midwest bank – itasca, ill.:
- First Midwest Bancorp, based in Itasca, Ill., announced a new $15 minimum wage, a $1,035 bonus for nearly 85 percent of its workforce, and a $2 million gift to its charitable foundation.
firstcapital bank of texas – Midland, Texas:
FirstCapital Bank of Texas, a $1 billion institution headquartered in Midland, Texas, will pay a $500 bonus to 197 bank employees before the end of the year.
5 senses spa – peoria, ill.:
$500 bonuses for 20 employees; the company is also looking into additional employee benefits in 2018.
flemington car and truck country – Flemington, N.J.:
The new tax reform law is giving some benefits to New Jerseyans. The Flemington Car and Truck Country Family of Brands, a new and used car dealership in Flemington, is awarding each of its full-time employees a $500 bonus because of the recently passed federal Tax Cuts and Jobs Act.
As a result of the corporate tax rate cut under the new law to 21 percent from 35 percent, the company will also look to upgrade its facility and hire additional workers. The dealership is 41 years old and has 17 brands in eight different locations.
the flood insurance agency – gainesville, fla.:
- $1000 bonus for all our full-time employees
ftch – grand rapids, mich:
Grand Rapids-based Fishbeck, Thompson, Carr & Huber, or FTCH, said yesterday it issued $1,500 bonuses to all 400 of its full- and part-time employees, effective Dec. 29.
Jim Susan, president of FTCH, said the company decided to give out the bonuses as a result of the firm’s tax savings following passage of the federal tax bill on Dec. 22.
“We just decided it was a little windfall for the firm in general, and we decided we would share that with all our staff members,” he said. “Everyone got the same amount, regardless of position.
Gate city bank – Fargo, N.D.:
Gate City Bank in Fargo, N.D., will pay a one-time, $1,000 bonus to all non-management employees on Jan. 15; contribute $500,000 toward offering new and existing customers free appraisals on home remodels, purchase or refinances; and donate an additional $500,000 to support charitable causes.
gnarly barley – Hammond, La.:
great southern bank – Springfield, Mo.
Great Southern Bancorp, Inc., says it will pay $1,000 in cash to all full-time employees and $500 to part-time workers who were employed by the bank on Dec. 31.
In a news release, Great Southern specifically cited the federal tax reform legislation that Congress passed and President Donald Trump signed into law in December.
great western bank – sioux falls, s.d.:
- Raising the minimum wage to $15;
- A special one-time $500 bonus or wage increase for nearly 70% of its workforce;
- Enhancements to employees’ health care offerings effective for the 2018 enrollment period; and
- The doubling of its annual contribution to its Making Life Great Grants community reinvestment program.
group 1 automotive – houston:
Group 1 Automotive, Inc., an international, Fortune 500 automotive retailer, announced a $500 cash bonus for non-management dealership employees and operational support staff in the U.S. The Company owns and operates 115 dealerships nationwide.
Gulf coast bank – new orleans:
Gulf Coast Bank & Trust Company CEO & President Guy T. Williams announced a 50% increase in funds to be given away in its Community Rewards Program – an annual online contest hosted by Gulf Coast Bank that awards funds to the top 10 nonprofit organizations voted on by the community.
Gulf Coast Bank has also raised its minimum wage to $12.00 dollars per hour effective Monday, January 8, 2018. This increase gives the bank one of the highest starting salaries for unskilled workers in the state.
harborone bank – Brockton, Mass.:
HarborOne Bank said on Wednesday that it’s accelerating its plans to implement a $15-per-hour minimum wage and will give a one-time $500 bonus to more than 600 bank employees as a result of federal tax reform legislation.
the hartford – Hartford, Conn.:
The Hartford Financial Services Group Inc. announced bonuses tied to a federal overhaul reducing the corporate tax rate.
Chief Executive Officer Christopher Swift told reporters the investment and insurance company will distribute bonuses of $1,000 each to employees who are paid less than $75,000 a year. It’s an acknowledgment of their contributions, the CEO said.
About 9,500 employees will benefit, Swift said after speaking at a meeting of the Connecticut Business and Industry Association.
hawaii national bank – honolulu:
- A $1,000 bonus to all employees
- Increased minimum wage to $15 per hour
heartland bank – geneva, neb.:
$1,000 bonus to full-time, non-executive employees and a $500 bonus to part-timers.
home bank – conway, ark.:
Home Ban announced plans to distribute a one-time bonus of $500 for more than 850 full-time tenured employees.
“The tax reform has created the opportunity for us to reward our employees who are working hard each day to both serve our customers and enrich relationships in our communities,” added Mr. Allison. “We look forward to identifying additional opportunities for Home BancShares to invest in our people and communities as we continue to execute our business strategies and deliver long-term value to our shareholders.”
homestreet bank – seattle:
HomeStreet Bank announced that it has raised its company minimum wage to $15 per hour across all 111 retail branches and lending centers in seven states. The increase took effect January 1, 2018. The announcement comes on the heels of the recently signed federal tax reform bill that cut the corporate tax rate from 35 percent to 21 percent.
HomeStreet made the decision to increase its minimum wage in order to share the tax reform benefits with its employees. The change is particularly welcome as the cost of living continues to increase across the country.
humana – louisville, ky.:
The Louisville-based company announced that because of the lower corporate income tax rate, it’s investing in its employees. It’s raising the minimum hourly rate for full- and part-time associates to $15 an hour. The company is also accelerating a previously announced incentive program for employees.
iat insurance group – Raleigh, N.C.:
IAT Insurance Group will pay a $3,000 bonus to all non-executive employees on January 15, 2018. The additional bonus comes in response to the newly passed tax reform bill – the tax savings will be shared with approximately 700 employees.
inland northwest bank – Spokane, Wash.:
A Spokane-based bank gave out raises and bonuses to its 200 workers in anticipation of a windfall from corporate tax cuts.
After Congress passed a sweeping federal tax reform bill last month, INB announced it would raise its starting wage to $15 per hour and provide $500 year-end bonuses to all employees except senior executives.
information first – manassas, va.:
$500 cash bonus for all 15 employees.
insperity – houston:
Tax reform bonuses will be paid to employees in February, totaling $17 million.
ISG – Stamford, Conn.:
Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, said today it will earmark funds for additional investment in global digital initiatives over the next two years to accelerate growth, and make an additional contribution of $500 to every U.S. employee’s 401(k) retirement account on U.S. Tax Day, April 17, 2018. The moves are in response to the recent passage of the federal Tax Cut and Jobs Act.
jetblue – new york:
JetBlue Airways Corp. said that it plans to give a $1,000 bonus to its 21,000 employees except the chief executive, and its executive vice presidents.
jones auto & towing – riverview, fla.:
“The tax cuts are putting two more tow trucks on the road for my business. This will add two more full time job openings that will help two more families. And it will put a little more money in the bank for my family,” said Guy Jones, owner of Jones Auto & Towing.
jordan winery – Healdsburg, Calif.:
In response to the tax cut bill that passed this week, John Jordan, owner of Jordan Winery in Sonoma County, California, announces that he will give all eligible winery employees a $1,000 bonus as a result of the passage of the 2017 tax reform bill.
kansas city southern – Kansas City, Mo.:
Kansas City Southern (KCS) announced that in response to congressional passage of The Tax Cuts and Jobs Act of 2017, it will immediately share some of the benefits with qualified, non-executive employees of its subsidiaries in the U.S. and Mexico in the form of a one-time $1,000 bonus payable by the end of 2017.
kevin-charles furniture – new albany, miss.:
The tax credits available for investment in equipment will make it possible for the company to purchase additional machinery. “We’re really excited about the tax bill and what it is going to do for our operation,” Rusty said. “I applaud the efforts of Congress to build back a business climate that makes it easier to invest in our people and facilities.”
Additionally, the tax savings made it easier for Kevin-Charles Furniture to give employees a five percent pay raise.
key bank – cleveland, ohio:
KeyBank N.A. will increase its minimum wage to $15 per hour for new and existing employees. The lender will also make contributions to employees’ 401(k) retirement accounts.
kish bank – belleville, penn.:
Kish Bancorp will give $500 to part-time employees and $1,000 bonuses to full-time employees as part of a one-time bonus.
The decision stems from the company’s growth and the enactment of the Tax Cuts and Jobs Act of 2017, which will provide relief to community banks.
kramerica properties – merced, calif.:
This small family-owned company gave each of the six employees a $2,000 tax reform bonus.
lawrence paper company – hutchinson, kan.:
Re-investing into its employees is the first step company owners took. This week, they surprised their 300 workers with the news each would receive a $500 bonus.
MAINSOURCE FINANCIAL – Greensburg, INd.:
MainSource Financial Group will raise the starting pay and minimum hourly rate to $15 an hour effective immediately for all of its non-exempt, non-commissioned employees. This announcement comes as a result of the recently passed tax legislation, which includes a reduction in corporate tax rates.
Approximately 1,000 associates are employed throughout the MainSource footprint in Ohio, Indiana, Illinois and Kentucky. The pay increase will affect over 200 employees.
M&T Bank– buffalo, ny.:
M&T Bank is boosting hourly wages among moves it’s making in a response to the successful passage of tax reform legislation.
Hourly paid employees will see pay starting at $14-16/hour, depending on geography. That will make a total investment of $25M.
In addition, all employees will get 40 hours of paid time a year to take part in volunteer or employee resource group activities. The company notes it paid $50M to its M&T Charitable Foundation in 2017, its largest ever contribution.
mb financial – Chicago:
MB Financial, Inc., the holding company for MB Financial Bank, N.A. (“MB”), announced today that MB will raise the minimum wage paid to its employees, issue certain one-time bonuses, and donate $7.5 million to the disadvantaged communities in which it operates.
melaleuca – Idaho Falls, Idaho.:
Idaho health care and home products company Melaleuca Inc. announced it will be the latest major business to give its workers bonuses in response to President Donald Trump’s tax cuts.
Melaleuca CEO Frank VanderSloot said in a phone interview that his 2,000 workers will get a one-time bonus of $100 for every year they have worked at the company. On average, Melaleuca employees stay at the company eight years — which would result in an $800 bonus. The company also has 147 employees who have worked for VanderSloot for 20 years or more.
MERIDIAN BANK –Malvern, penn.:
- The minimum wage for all employees will increase to $15 per hour
- An additional 20% will be added to the 2017 bonus as part of the Bank’s Incentive Compensation Plan that will be paid to the Bank’s 500+ employees in January 2018
- An increase to the Capital Spending Budget as a result of plans to build six new branch locations in 2018
- An increase in charitable giving by targeting $1 million in donations to community and non-profit organizations in 2018
Mid-AM – Rogersville, Mo.:
Mid-AM Metal Forming is giving its 140 employees cash bonuses.
The local company is one of many companies, like Jet Blue and AT&T, giving employees a bonus because of the tax law reform.
“Mid-AM Metal Forming is excited about the positive implications the tax reform package will have both on the manufacturing industry and its employees,” President Steve Johnson said in a news release. “We have very dedicated employees that assist in making us a success. We are excited to surprise all of them with this reward.”
musicnotes – Madison, Wis.:
Musicnotes Inc., a publisher and retailer of digital sheet music, said that it has given all eligible employees a 3 percent raise in salary tied specifically to the corporate tax reform bill signed by President Donald Trump in December.
The company, which has 55 employees, said the raises were effective Jan. 1 and are in addition to Musicnotes’ existing annual pay increases.
national bank holdings corp – Greenwood Village, Colo.:
National Bank Holdings Corporation announced its plan to deliver a $1,000 bonus to all of its non-commissioned associates who earn a base salary of less than $50,000 annually and are in good standing. This move is in part a response to the recently enacted tax legislation, which is anticipated to have a positive impact on the U.S. economy.
nationwide: – columbus, ohio:
Nationwide Mutual Insurance Co. is joining a number of major financial institutions in giving bonuses to employees following the tax reform passed by Congress right before Christmas.
The Columbus-based insurer announced Wednesday that it’s giving a $1,000 discretionary bonus to employees and managers below the company’s senior ranks, and starting this year will increase its 401(k) match for employees to 50 percent on the first 7 percent of an employee’s contribution, up from 6 percent.
About 29,000 of the company’s 33,000 employees nationwide will get a bonus, while all of its workforce will benefit from the 401(k) match.
navient – Wilmington, Del.:
Crediting the new corporate tax rate recently approved by Congress, approximately 98 percent of Navient employees across the country received a $1,000 bonus just before the holidays.
Navient has approximately 6,700 employees nationwide, including more than 900 in Hanover Township, company officials say.
Nelnet – Lincoln, Neb.:
Nelnet said Thursday that it will give nearly all of its 4,100 employees — about 2,500 of whom work in Lincoln — a $1,000 bonus in their Dec. 29 paycheck.
Nephron – West Columbia, S.c.:
Nephron Pharmaceuticals announced Wednesday the company’s 640 South Carolina employees are receiving a five percent pay raise, attributing the move to the tax bill passed by Congress this month.
new liberty distillery – philadelphia:
- “Little wins for us are great things,” says Robert Cassell, the owner of New Liberty Distillery in Philadelphia. “And this is a big win.”
nextier bank – butler, penn.:
NexTier Bank announced an investment in its workforce with a one-time bonus of $1,000 for all employees as a result of the tax reform bill passed by the U.S. Congress and signed by President Trump. This is in addition to annual bonuses paid in late 2017.
northco products, inc. – albany, n.y.:
This small business was able to hire one new employee, give all employees bonuses ranging from $100 – $971 after taxes; the company is also investing in a new building.
northwestern energy – sioux falls, s.d.:
“At this point, we are trying to figure how much the savings might be and develop a plan for what the best option might be for customers,” said spokesman Butch Larcombe.
OceanFirst – toms river, n.j.:
OceanFirst Bank raises minimum wage to $15 an hour after tax reform.
ohnward business – maquoketa, iowa:
As a result of the passage of the tax relief bill this week, Ohnward Bancshares has announced it will pay a $1,000 tax relief, holiday bonus to every company employee. This bonus is separate, and, in addition to, normal bonuses received based on company performance. “There has been a lot of debate about what a tax cut will do for the nation’s economy. This sweeping tax reform will create economic growth in our communities, but only if the expense savings are shared”
oklahoma corporation commission – oklahoma city:
Most Oklahomans can expect to start seeing a lower utility bill in the mail later this year. The Oklahoma Corporation Commission voted Tuesday to transfer about $150 million a year in new corporate tax cuts to the customer.
Power and gas corporations across the state started seeing lower tax rates Jan. 1, so one commissioner wants your bill to be lowered immediately. The other two commissioners disagreed and won the vote.
old dominion freight line – thomasville, n.c.:
$500 bonuses for all 22,000 employees
“I am excited to share a bit of good holiday cheer with you today. The President has signed a historic tax reform bill that should reduce OD’s taxes and also generate growth for the U.S. economy. We expect that the anticipated improvement in the economy will create additional opportunities for use to WIN market share and grow our Company more than originally anticipated. As we have said many times before, however, our ability to successfully grow the Company is centered on each member of the OD Family performing at his or her very best to deliver SUPERIOR SERVICE to our customers!
oncor – dallas:
“Oncor will work with the PUCT to determine the best way to distribute those savings back to customers,” said spokesman Geoff Bailey via email. “In short, we are capturing these tax savings for future refunds to our customers.
Oncor serves about 3.4 million homes and businesses, mostly in North Texas and West Texas. So residents in the coverage area would get a refund but when, and how much, are not certain.
pacific power – portland, ore.:
The new Republican tax plan has brought a variety of tax cuts. Pacific Power says they are committed to passing the benefit of this tax cut on to customers.
“We strive to provide our customers reliable service while keeping rates low,” said Stefan Bird, President and CEO of Pacific Power. “The benefit of this tax cut should be passed on to our customers – and we will work with our regulators and stakeholders on the best way to do that.”
pepco – Washington, D.C.:
Pepco announced they will file with the Public Service Commission of the District of Columbia in early February, outlining plans to provide annual tax savings to more than 296,000 electric customers in the District of Columbia. If approved, Pepco would plan to begin providing a credit lowering customer bills starting in the first quarter of 2018.
The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1, 2018. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Pepco will have to pay.
peoples bank – bellingham, wash.:
$15 per hour minimum wage and raised its 401(k) match one percentage point to 8 percent.
peoples bank – magnolia, ark.:
- Magnolia, Ark.-based Peoples Bank provided a $500 bonus and contributed $50,000 to its charitable fund.
Pinnacle – Elkhorn, Neb.:
Pinnacle Bank said 1,007 employees will receive the $1,000 bonuses.
“We feel strongly that the message should be loud and clear that this is a tax cut that will benefit all Americans,” Pinnacle Bancorp Chairman Sid Dinsdale said in a news release.
pioneer credit recovery – new york:
Passage of the tax reform bill means that Pioneer Credit Recovery employees will get bonus payments of $1,000 each.
PNC Bank – Pittsburgh:
PNC announced it will provide an additional $1000 cash payment to 47,500 employees and $1,500 to their existing pension accounts.
The cash payment to 47,500 employees was estimated to reach 90% of PNC employees. It is set for all employees below an unspecified compensation band.
PNC Financial Services said they will raise the minimum pay rate to $15-an-hour by the end of 2018.
A $200-million-dollar contribution to the PNC Foundation was also announced. It supports early childhood education through PNC’s Grow Up Great initiative.
priority courier experts– st. paul, minn.:
Tax reform bonuses were given on Jan. 2, 2018 to employees; further, employees will receive another $500 bonus in 2018 on the anniversary of their hire date.
regions financial – Birmingham, Ala.
Regions Financial increases minimum wage to $15 per hour, contributes $40 million to benefit communities, and increases capital investments to serve customers.
rocky mountain power – Salt Lake City:
Rocky Mountain Power says it plans to pass some of its federal tax savings on to customers. But, the company isn’t sure how much or when.
“We strive to provide our customers reliable service while keeping rates low,” said Cindy Crane, President and CEO of Rocky Mountain Power. “The benefit of this tax cut should be passed on to our customers — and we will work with our regulators and stakeholders on the best way to do that.”
Royal Hawaiian Heritage Jewelry – Honolulu:
Royal Hawaiian Heritage Jewelry plans to open up three more shops – in Honolulu, in Kauai and Maui in addition to its existing three shops.
rush enterprises – New Braunfels, Texas.
Rush Enterprises, Inc., which operates the largest network of commercial vehicle dealerships in North America, today announced that as a result of recent tax reform legislation, it will provide a one-time $1,000 gift to its approximately 6,600 employees in the United States.
russell lands – alexander city, ala.:
Russell Lands, the largest lakeside residential developer in the state, has given full-time employees a $500 check.
“We are thrilled that our company is strong, the economy is good, and that our national leaders recently approved a tax plan that should be very positive for all of us,” said Chairman Ben Russell. “This is a token of the company’s, and my personal, genuine appreciation for what our folks have done to make Russell Lands such a great company. It’s because of our employees’ efforts that we have been able to accomplish so much.”
sheffer corporation – Cincinnati:
Sheffer Corporation in Cincinnati, a small manufacturing business announced it was investing in new plant and equipment and giving $1,000 bonuses to all 126 of its employees as a result of this law.
SHOPRITE – Wilmington, Del.:
Delaware Supermarkets Inc. is handing out $150 bonuses to 1,000 non-management and union-represented employees as a result of the recent tax reform bill being signed into law. The bonus is in addition to holiday and performance bonuses.
Sinclair Broadcast – Hunt Valley, Md.:
- Sinclair Broadcast will pay a one-time $1,000 bonus to full and part-time employees.
- The company says the special bonus is due to the tax reform bill’s passing.
- It will go to nearly 9,000 employees and excludes senior level executives.
skywest airlines – st. george, utah:
SkyWest Airlines is sharing the benefits of federal tax reform with its employees.
According to an internal memo the company will increase 401(k) contributions, increase capital expenditures, and increase charitable donations, and will enhance the existing bonus and incentive programs.
south point – Las Vegas:
The South Point has joined the list of businesses handing out bonuses after passage of the Trump administration’s tax reform bill.
The casino released a statement saying it was giving more than $1 million in bonuses for 2017 to its employees, doubling the amount of bonuses for 2016.
The company also said it would be rescinding a scheduled increase in the share of health insurance costs paid by employees.
Southwest Airlines – Dallas:
The Southwest Board of Directors authorized a bonus to all Southwest Airlines employees to celebrate the recent passage of the tax reform legislation. All full-time and part-time Southwest employees with Southwest on Dec. 31, 2017, will receive a $1,000 cash bonus on Jan. 8, 2018.
spellex corporation – tampa, fla.:
“I’m the founder and CEO of Spellex Corporation located in Tampa, FL. We’re a software development company which I founded in 1988. This is the first time I’ve done anything like this. I’m hoping there are thousands of companies like mine who gave their employees $1,000 bonuses to show our support for the new tax plan which will ultimately help the middle class.” – Sheldon Wolf
summit state bank – Santa Rosa, Calif.:
Summit State Bank announced its plan to give $2,000 to each of its non-executive employees in January 2018 as a windfall derived from the Trump Administration’s tax-law revamp signed by the president on Dec. 22.
Part of the tax-reform legislation will reduce corporate taxation from 35 percent to 20 percent.
Stifel Financial Corp. – st. louis:
Stifel Financial Corp. Chief Executive Ron Kruszewski played Santa Claus two days before Christmas, telling most of the financial company’s approximately 7,000 salaried employees that they will receive an extra $1,500 bonus funded by expected benefits from the new tax law.
sun community news – elizabethtown, n.y.:
Raises for all employees averaging $1,000 each; restoration of 2% match on employee IRAs; software and equipment upgrades.
SUN TRUST – Atlanta:
- $50 million in additional community grants to national and local financial well-being efforts
- Minimum wage increase to $15 per hour
- Merit base pay increases for certain other hourly teammates (about 20 percent of workforce)
- A one percent 401(k) contribution to retirement savings for all teammates, in addition to the company’s six percent match opportunity
- $1,000 financial incentive for all teammates that complete the SunTrust Momentum onUp financial fitness program.
sutter masonry – el mirage, ariz.:
The company employs approximately 100 people. Hourly wages were increased by $1.00 and over $50,000 in bonuses were distributed
tcf financial – Wayzata, Minn.:
As a result of the Tax Cuts and Jobs Act, TCF will provide approximately $5 million in one-time bonuses to eligible team members—$1,000 to full-time team members and $500 to part-time team members—who earned less than $100,000 in total compensation during 2017, totaling 80 percent of its workforce. Additionally, TCF will donate $5 million to TCF Foundation to increase grants to nonprofit organizations in the communities it serves, including increasing its match of team member contributions to nonprofit organizations from 100 percent to 200 percent in 2018.
territorial savings bank – honolulu:
Territorial Savings Bank has joined the state’s four largest banks in giving out bonuses to employees and increasing the minimum wage.
Territorial Savings Bank said today that most of its employees will receive a $1,000 bonus and that it will be increasing its starting wage to $15 an hour from $11.25 an hour beginning Monday. The bonus, which was awarded today to 247 employees, is in addition to a $250 bonus that had been paid earlier this month to the same employees, following a practice that has been in place for several years. The 36 employees at the vice president level and above did not receive the $1,000 bonuses.
texas capital bank – Dallas:
Texas Capital Bank President and CEO Keith Cargill announced today that the bank will be giving a majority of its employees a special $1,000 bonus, thanks in part to passage of the federal tax overhaul plan.
tokio marine hhc – houston:
$1,500 employee bonuses for 2,000 employees.
total system services – Columbus, Ga.:
Total System Services Inc. is crediting tax reform for cash bonuses going to their team members worldwide.
Team members would receive a “special one-time cash bonus of $1,000” as “a result of the company’s continued success and the recently passed U.S. tax reform legislation.”
TSYS, which is celebrating its 35th anniversary in 2018, has about 11,500 employees — a little more than 5,000 of whom are based in Georgia.
travelers – New York:
Joining a growing list of companies handing out cash in the wake of federal legislation that slashes corporate tax rates, the Travelers Cos. Inc. told its staff it will give bonuses of $1,000 to thousands of employees.
Chief Executive Officer Alan Schnitzer said in a letter to employees that Travelers will give the bonuses in January to about 14,000 employees with a base salary of $75,000 a year or less and who meet “performance expectations.”
Turning point – Louisville, Ky.:
Turning Point is joining the nationwide trend of giving a $1,000 bonus to its work force after the passage of tax reform legislation.
U.S. Bank – Minneapolis:
Minneapolis-based U.S. Bancorp announced a $1,000 bonus for nearly 60,000 employees, a new minimum wage of $15 per hour for all hourly employees and a $150 million contribution to the U.S. Bank Foundation. The company also said it would enhance employee health insurance offerings and pour more money into improving customers’ mobile and digital experiences.
united bank – marysville, kan.:
United Bank and Trust raised hourly and salaried employees’ wages by $100 per month.
unity bank – Clinton, N.J.:
In response to Congressional approval of tax reform legislation, Unity Bancorp, Inc. (NASDAQ:UNTY), parent company of Unity Bank, announced today that its Board of Directors has elected to provide all employees excluding executive management with a one-time $750 bonus.
UPS – Atlanta:
UPS strongly believes the lower corporate tax rate will expand U.S. GDP, which increases our customers’ businesses activities. This economic growth will raise demand for UPS services and we look forward to helping our customers take full advantage of this opportunity. The company is in the process of a multi-year capital investment program to implement the Global Smart Logistics Network of the future, which will increase capacity and enhance operating efficiency. With the additional resources from tax reform UPS will expand and accelerate investments in our people, technology, transportation fleets, facilities and value-generating customer services, which will further stimulate job creation. Tax savings, combined with UPS’s strong return on invested capital will result in additional value for UPS customers, shareowners and employees. We applaud passage of the Tax Cuts and Jobs Act, the President’s signature, and look forward to full implementation of the Bill.
visa – Foster City, Calif.:
Recognizing that the change in the tax law is focused on the U.S., we have looked first at improving our benefits for U.S.-based employees by significantly inriching our company contributions to the 401(k) program:
- Visa matches 200% of eligible employee contributions up to 3% of base salary for a total maximum contribution of 6% of eligible pay.
- Visa will now increase the match to 200% of employee contributions up to 5% of base salary, for a Visa total maxmum contribution of 10% of eligible pay.
walmart – Bentonville, ark.:
More than 1 million associates benefit from combined wage and benefit changes
- Walmart is increasing its starting wage rate for hourly employees in the U.S. to $11, following the passage of new tax legislation.
- The company said it will also expand maternity and parental leave benefits, and provide a one-time cash bonus for eligible employees of as much as $1,000.
- Walmart said it’s still accessing other “potential additional investments” that could come after the new tax laws.
washington federal – Seattle:
Washington Federal announced a series of changes as a direct result of the passage of federal tax reform legislation. That includes a 5 percent merit-based increase in wages for all employees earning less than $100,000 annually as well as an investment in employee training programs.
The bank is also planning to increase its technology staff by 25 percent and add an additional tech office in Boise, Idaho, according to a news release. It will also contribute $5 million to the Washington Federal Foundation, which supports nonprofits focused on housing, senior care and improving financial literacy.
waste management – houston:
Waste Management said that it will give $2,000 in special bonuses to about 34,000 employees.
The company said the cash bonuses will be given to its North American employees who are not on a bonus or sales incentive plan, including hourly and other employees.
The news comes after other companies have made similar announcements, citing the passage of tax legislation that slashes the corporate tax rate to 21 percent from 35 percent.
webhobby shop – pontiac, mich.:
Bruce Zak, owner of Web Hobby Shop in Pontiac, Michigan, said, “I am sure it seems like ‘crumbs’ to elitists but I was able to give them a $2 per hour raise because of the tax reform. It was great to do and my staff is very pleased.”
webster bank – Waterbury, Conn.
Webster said it will pay a one-time $1,000 cash bonus in the first quarter of 2018 to full-time employees who are below the vice president level. This payment will benefit approximately 70 percent of all Webster full-time employees, the bank said.
The financial institution also said it would increase Webster’s minimum wage to $15 per hour by the end of 2018.
Wells Fargo – San Francisco:
- Plans to raise the minimum wage of all team members to $15 per hour, which is an 11% increase over their current minimum hourly rate of $13.50.
- Targeting $400 million in donations to community and nonprofit organizations in 2018 and will target 2% of its after-tax profits in 2019 for corporate philanthropy.
- Targeting $100 million in capital and other resources over the next three years to support the growth of diverse small businesses and an additional $75 million in 2018 to its NeighborhoodLIFT program on sustainable homeownership and neighborhood revitalization.
western alliance – Phoenix:
7.5 percent wage increase for the lowest-paid 50 percent of its employees.
western & southern financial group – cincinnati:
$2,000 bonuses for full time employees; $1,000 for part time employees
white pine winery – St. Joseph, Mich.:
- This is a big deal for the wine industry,” Says Dave Miller, White Pine Winery owner. He says over the past few days his email has been flooded with news of the tax bill…he says business has been good this year, and he plans on planting more grape vines this spring.
- According to the Wine Institute, which represents a thousand wineries, this is the first wine excise tax reduction in 80 years. It says the bill will help grow wineries across the country.
windsor federal savings – Windsor, Conn.:
Windsor Federal in Windsor, Conn., will pay a $250 bonus to all employees (excluding senior management), and raise the hourly minimum wage to $15 per hour.
yam worldwide – Scottsdale, Az.:
“The passage of the tax credit is a catalyst for explosive economic growth. On a massive scale, the lowered federal tax burden on businesses will increase investment, entrepreneurship and corporate philanthropy,” Parsons said in a press release. “I’ve always believed in sharing good news and have decided to celebrate the tax plan by giving back to my staff.”
The firm employs 725 people, and the 594 who have been with the company longer than six month will each receive a $2,000 bonus, according to the press release. All other staffers will get $1,000. The bonuses total $1.3 million.
yancey bros. – Austell, Ga.:
- $500 bonus to all employees
zions bank – Salt Lake City:
Zions Bancorp, the Salt Lake City-based large regional bank, said it would pay $1,000 bonuses to nearly 80% of its workforce and increase compensation for nearly 40% of employees as a result of the tax legislation passed late in December.