Schumer Gives ‘Newfound Life’ to Tax Holiday Sought by Apple

The lobbying campaign by Apple Inc., Pfizer Inc. and Duke Energy Corp. to allow companies to bring overseas profits to the U.S. at a low tax rate gained new traction after Senator Charles Schumer of New York signaled that Democrats might back the idea.

The Senate’s No. 3 Democrat said yesterday that his caucus is exploring the potential of using the short-term revenue a repatriation holiday would generate to fund an infrastructure bank. The focus on infrastructure, he said, would “guarantee” job creation and address a key line of Democratic opposition.