House Republicans are pushing to include a temporary tax holiday on offshore corporate profits in a year-end legislative package that also would contain an extension of the payroll tax cut.

House leaders have been "very encouraging" and are "taking a serious look at including it in a year-end package," Representative Kevin Brady, a Texas Republican, said in a telephone press conference today.

Brady is a sponsor of legislation that would create a temporary tax holiday, allowing U.S. multinational corporations to bring home offshore earnings at a 5.25 percent tax rate, an 85 percent discount from the 35 percent top corporate rate.

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