Section 1 Short title
This Act may be cited as the “Supporting Energy and Economic Development (SEED) Act”.
Supporting Energy and Economic Development (SEED) Act
A BILL
To amend the Internal Revenue Code of 1986 to extend biodiesel and renewable diesel incentives, and for other purposes.
Sec. 2 Extension of biodiesel and renewable diesel incentives
Income tax credit—
In general— Section 40A(g) of the Internal Revenue Code of 1986 is amended by striking “2024” and inserting “2029”.
Denial of double benefit— Section 40A of such Code is amended—
by redesignating subsection (g) (as so amended) as subsection (h), and
by inserting after subsection (f) the following new subsection:
“(g) Denial of double benefit—In the case of any fuel with respect to which a credit is allowed under section 45Z(a) for any taxable year, the amount determined under this section with respect to such fuel shall be zero.”
Excise tax incentives—
Credit for fuels used for taxable purposes—
In general— Section 6426(c)(6) of such Code is amended by striking “2024” and inserting “2029”.
Denial of double benefit— Section 6426(c) of such Code is amended—
by redesignating paragraph (6) (as so amended) as paragraph (7), and
by inserting after paragraph (5) the following new paragraph:
“(6) Denial of double benefit—In the case of any fuel with respect to which a credit is allowed under section 45Z(a) for any taxable year, the amount determined under this subsection with respect to such fuel shall be zero.”
Payments for fuels not used for taxable purposes— Section 6427(e)(6)(B) of such Code is amended by striking “2024” and inserting “2029”.
Effective date— The amendments made by this section shall apply to fuel sold or used on or after the date of the enactment of this Act.