The Supporting Energy and Economic Development (SEED) Act extends federal tax incentives for biodiesel and renewable diesel fuel producers and users. The legislation amends the Internal Revenue Code to prolong income tax credits and excise tax incentives for biodiesel mixtures and renewable diesel that were set to expire at the end of 2024, now extending them through December 31, 2029. The bill also prevents companies from receiving duplicate tax benefits by clarifying that fuel producers cannot claim both the traditional biodiesel credit and the newer clean fuel production credit for the same fuel. These changes take effect upon the bill's enactment and primarily benefit the renewable fuel industry, agricultural producers who use these fuels, and fuel blenders who mix biodiesel with petroleum diesel.
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