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UPDATE 1-Apple to pay $38 bln in U.S. taxes on foreign cash, open new campus

(Adds details about tax payment, new campus)

Jan 17 (Reuters) - Apple Inc will make about $38 billion in U.S. tax payments on its $252.3 billion in overseas cash in accordance with the tax law passed late last month, the company said on Wednesday.

The company also said it planned to open a new campus at a location that it will announce later this year.

The announced tax payment was roughly in line with what analysts expected from the tax bill, which requires companies to pay a one-time tax on foreign-held earnings whether they intend to bring them back to the United States or not.

Apple had set aside $36.3 billion in anticipation of tax payments on its foreign cash, meaning the payment would not represent a major impact on its cash flow this quarter.

Apple did not indicate how much, if any, of its cash it would actually bring back to the United States.

Apple said it expected to invest over $30 billion in the United States over the next 5 years, and would create 20,000 jobs through hiring at existing campuses and through opening a new campus. (Reporting by Sonam Rai in Bengaluru; editing by Patrick Graham and Marguerita Choy)