Apple to build second campus, hire 20,000 in $350 billion pledge

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Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. economy.

The Silicon Valley is buzzing about Apple's plans to build another corporate headquarters and hire 20,000 new employees as part of $350 billion investment in the U.S. economy.

VIDEO: Check out Apple's new 'spaceship' campus in Cupertino

That's despite the fact CEO Tim Cook told ABC News the headquarters will not be in California (nor Texas).

A senior vice president at the Silicon Valley Leadership Group called it a big win.

Brian Brennan said the jobs won't be in our backyard, but they're still on our street.

"What we want is voices speaking up in favor of pro-technology policies in Des Moines, in Salt Lake City, in Nashville," said Brennan.

San Jose State University tax professor Caroline Chen called the Apple announcement a "good thing."

Here's why: Apple plans to repatriate $250 billion that's currently overseas-money previously untaxed.

RELATED: 'We want to help America,' Apple CEO Tim Cook says of moving foreign money back to U.S.

Under President Trump's new tax code, Apple will be taxed 15.5% on the money-a one-time low rate. That equals about $38 billion in tax revenue for the U.S.

"What the tax reform bill did was mandate a payment of tax regardless of whether or not you bring that money into the United States. Now companies are looking at that and saying, well, if I have to pay the on it anyway..." said Chen.

Tim Cook spoke exclusively with ABC News from Reno, Nevada Wednesday.

"Let me be clear, there are large parts of this that are a result of the tax reform and there are large parts of this we would have done in any situation," said Cook.

President Trump tweeted, "I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA!"

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