The Supporting Energy and Economic Development (SEED) Act extends federal tax incentives for biodiesel and renewable diesel fuel producers through 2029, five years beyond the current 2024 expiration date. The bill amends the tax code to continue an income tax credit for biodiesel and renewable diesel, as well as excise tax credits for these fuels used in commercial and non-commercial applications. A key provision prevents companies from receiving double benefits by claiming both the existing biodiesel incentives and newer clean fuel credits under separate tax provisions. The changes take effect immediately upon enactment and primarily benefit fuel producers, agricultural operations, and businesses that use renewable diesel products, while supporting the domestic biofuel industry's economic development and energy independence goals.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.