It's safe to say that General Motors Co. (GM) - Get Report is a fan of the GOP tax reform law. 

The country's largest automaker said that it expects a lower statutory corporate tax rate in 2018, positive economic impact on its long-term cash tax position and a reduced cash tax in the medium term. 

The company also said that it expects the tax to be favorable for its consumers and for the industry at large. 

The company will take a $7 billion write-down in the fourth quarter thanks to the tax bill.

GM expects to report adjusted earnings per share between $6 and $6.50 in calendar 2017 after earning $6.12 per share the previous year. However, that estimate comes with a negative tax effect of 14 cents per share, double last year's tax effect. 

GM is expected to release its latest earnings results on February 6. Wall Street expects the company to report earnings of $1.34 per share, placing its full-year earnings at $6.29 per share. Revenue is expected to be $37.26 billion, or $145.4 billion for the year. Last year the company reported revenue of $166.4 billion.

GOP lawmakers passed its $1.5 trillion tax cut in December to much fanfare from the business community. 

Companies from Comcast Corp. (CMCSA) - Get Report to Walmart Stores Inc. (WMT) - Get Report have celebrated passage of the bill by offering one-time bonuses and raising base wages. 

More than 2 million workers are already seeing benefits from the new tax bill, according to a Republican website dedicated to tracking the effect of the bill on workers. GM sees these benefits as being beneficial not only to its bottom line, but also the automotive industry as a whole. 

GM shares were up 3.36%, or $1.48, to $45.55 in premarket trading.

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