Supporting Energy and Economic Development (SEED) Act

This legislative proposal seeks to extend crucial tax incentives for biodiesel and renewable diesel by amending the Internal Revenue Code of 1986. Its primary aim is to prolong the availability of these energy-related tax benefits, thereby supporting the production and use of renewable fuels.

The bill specifically extends the expiration date for both the income tax credit under Section 40A(g) and various excise tax incentives, including those under Section 6426(c)(6) and Section 6427(e)(6)(B), from their current 2024 deadline to 2029. A significant provision introduced is the "Denial of Double Benefit," which ensures that if a credit is claimed for fuel under section 45Z(a), no additional credit can be claimed under the extended sections. These amendments are designed to apply to fuel sold or used on or after the date the Act is enacted, providing continued financial support for the renewable fuels industry.