Apple's CEO sees a way to bring back billions in cash from overseas

Apple CEO Tim Cook.Getty Images, Justin Sullivan

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Steve Kovach

Apple may have a way to bring back to the US some of the billions in cash it's storing overseas.

CEO Tim Cook said onthe company's earningscall Tuesday that he expects congress to pass tax reform this year. That tax reform could loosen up the taxes Apple would have to pay if it brings back cash from overseas, one of the key reasons it continues to store most of its cash outside the US.

"I am optimistic on what I'm hearing for some tax reform this year," Cook said on the call. "It seems there are people in both parties that would favor repatriation as part of that," he added, referring to bringing the overseas cash to the US.

Apple has $230.2 billion in cash overseas, according to its earnings report Tuesday.

Cook was in Washington, D.C. last week meeting with people like Sen. Orrin Hatch and President Trump's son in law and senior adviser Jared Kushner, although it's unclear what was discussed.

Even before the election, Cook has said that he was confident tax reform would happen in 2017, regardless of who won the presidency.