II 110th CONGRESS 2d Session S. 3481 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.

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.