(Bloomberg) — The impact of the biggest overhaul of the U.S. tax code in three decades will spread far and wide starting next year, highlighted by a cut in the corporate rate to 21 percent from 35 percent, fully allowable deductions for capital expenses and lower levies on repatriating overseas profits.

Here’s how the law will most likely affect various industries:

Consumer Products/Retail

Retailers are primed to be big winners from the rate cut because many generate all, or at least an overwhelming majority, of their income in the U.S. and pay some of the highest tax rates of any industry.

Full and immediate deductions on capital expenditures could allow at least one retailer to not owe any federal taxes the next two years. Aaron’s Inc., which leases televisions and refrigerators to consumers at more than 1,700 stores, will be able to use deductions on buying inventory, which are considered capital investments, to wipe out its tax bill in 2018 and 2019, according to Stifel Nicolaus & Co.

Chains and consumer brands also expect the tax bill to boost demand for their goods and services. Many of those companies rely on middle- and low-income shoppers for the bulk of their sales, and changes to individual taxes — such as doubling the standard deduction — will increase discretionary income.

The National Retail Federation lauded the move in a statement.

“Our priorities were clear: reform must jumpstart the economy, encourage companies to invest here in the United States, increase wages and expand opportunities for employees, and protect our small business community, of which the vast majority are retailers,” NRF president and CEO Matthew Shay said. “That’s exactly what this legislation will achieve. Most importantly, this historic tax reform will put more money in the pockets of consumers – the best Christmas gift middle-class Americans could ask for this holiday season.”

Technology

Tech stands to benefit from repatriation. U.S. companies are sitting on $3.1 trillion in overseas earnings, according to an estimate from Goldman Sachs Group Inc. The largest stockpile belongs to Apple Inc. at $252 billion — 94 percent of its total cash. Microsoft Corp., Cisco Systems Inc., Google parent Alphabet Inc. and Oracle Corp. round out the top five, data compiled by Bloomberg show.

One caveat is that the repatriation provision could generate a large tax bill. In Apple’s case, a 14.5 percent rate would equate to $36.6 billion in taxes, or about $7 a share, according to Bloomberg Intelligence.

Private Equity

The reduction in corporate rates means companies should have more cash to fund acquisitions, which could increase the value of private equity-owned firms. There’s also likely to be more assets to buy. Many conglomerates have been holding onto non-core assets because they didn’t want to generate a big tax bill on the sale.

But just like banks, private equity will take a hit on the lowering of interest deductions. Financial firms use debt to fund acquisitions, and if borrowing becomes more costly that could disrupt their business models. It might also limit the size of deals.

Asset Managers

Analysts expect the bulk of the tax savings to be spent on increasing dividends and share buybacks. That should push U.S. equity markets higher, increasing the value of investments held by asset managers.

Firms such as Federated Investors Inc. and Franklin Resources Inc. could also see more demand for their money management services, thanks to tax cuts for individuals, especially the wealthy.

Banks

The tax bill may boost 2018 earnings of big U.S. banks by an average of 13 percent, according to Goldman Sachs. Leading the way will be Wells Fargo & Co. (17 percent) and PNC Financial Services Group Inc. (15 percent).

Morgan Stanley says the overhaul is a net benefit for U.S. banks because it will help them compete better with lower-taxed international rivals. Many provisions in the bill, including repatriation of overseas cash, could spur U.S. mergers and acquisitions that would boost investment banking. And banks’ wealth management units are likely to see more money rolling in because the bill reduces tax rates on the rich.

But a reduction on interest-expense deductions will weigh on earnings. That provision may also cause companies to borrow less. It could be especially painful for banks such as Synovus Financial Corp. that have large exposure to real estate and commercial loans, Morgan Stanley said.

Lenders focused on consumers, such as Discover Financial Services and Synchrony Financial, are better positioned, because individuals already are unable to deduct interest expense, so there wouldn’t be a change in behavior, according to Morgan Stanley.

Telecom Companies

This is another industry that is likely to increase capital investments because telecom companies regularly need to upgrade their networks. And the bill allows deductions on such spending to be immediate, instead of over several years. AT&T Inc. has said it will invest $1 billion more in U.S. infrastructure next year under the new tax plan.