[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3481 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3481

   To amend the Internal Revenue Code of 1986 to provide a temporary 
 increase in the new qualified hybrid motor vehicle credit for school 
                                 buses.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 11, 2008

  Mr. Schumer introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to provide a temporary 
 increase in the new qualified hybrid motor vehicle credit for school 
                                 buses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TEMPORARY INCREASE IN NEW QUALIFIED HYBRID MOTOR VEHICLE 
              CREDIT FOR SCHOOL BUSES.

    (a) In General.--Section 30B(d)(2)(B) of the Internal Revenue Code 
of 1986 is amended by adding at the end the following new clause:
                            ``(vi) Temporary increase for school 
                        buses.--In the case of any new qualified hybrid 
                        motor vehicle which is a school bus (as defined 
                        in section 4221(d)(7)(C)), the dollar amounts 
                        specified in clause (iii) shall be increased 
                        by--
                                    ``(I) 200 percent for vehicles 
                                placed in service before January 1, 
                                2010,
                                    ``(II) 150 percent for vehicles 
                                placed in service after December 31, 
                                2009, and before January 1, 2011,
                                    ``(III) 100 percent for vehicles 
                                placed in service after December 31, 
                                2010, and before January 1, 2012, and
                                    ``(IV) 50 percent for vehicles 
                                placed in service after December 31, 
                                2011, and before January 1, 2013.''.
    (b) Conforming Amendment.--Section 30B(j)(3) of the Internal 
Revenue Code of 1986 is amended by inserting ``(December 31, 2012, in 
the case of a school bus)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to vehicles placed in service after the date of the enactment of 
this Act.
                                 <all>