The document summarizes a proposal for a new neutron electric dipole moment (EDM) experiment at the Spallation Neutron Source (SNS). The experiment aims to improve the current neutron EDM sensitivity by two orders of magnitude using ultra-cold neutrons produced in superfluid helium-4 and polarized helium-3 as a co-magnetometer. Many feasibility studies have been conducted, including tests of the helium-3 spin precession frequency matching technique. Construction of the new neutron EDM experiment is expected to begin in fiscal year 2010 with the goal of reaching a sensitivity of less than 1×10-28 e-cm.