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—
Extension of biodiesel mixture credit and biodiesel credit— Section 40A(g) of the Internal Revenue Code of 1986 is amended—
by striking “shall not apply to any sale or use after December 31, 2024 (or, in the case” and inserting
“(2) in the case”
by striking “).” at the end and inserting
“(2) in any other case, any sale or use—
“(A) after December 31, 2024, and before the date of the enactment of the Supporting Energy and Economic Development (SEED) Act, or
“(B) after December 31, 2029.”
Denial of double benefit—
In general— Section 40A(c) of such Code is amended—
by striking “The amount” and inserting the following:
“(1) Excise tax credit—The amount”
by adding at the end the following:
“(2) Clean fuel production credit—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 the Internal Revenue Code of 1986 is amended by striking “for any period after December 31, 2024.” and inserting
“(A) after December 31, 2024, and before the date of the enactment of the Supporting Energy and Economic Development (SEED) Act , or
“(B) after the December 31, 2029.”
Denial of double benefit— Section 45Z(f) of such Code is amended by adding at the end the following new paragraph:
“(9) Coordination with excise tax credit for biodiesel mixtures—No credit shall be allowed under this section for any fuel if a credit is allowed with respect to such fuel by reason of the application of section 6426(c) or 6427(e).”
Payments for fuels not used for taxable purposes— Section 6427(e)(6)(B) of such Code is amended by striking “sold or used after December 31, 2024,” and inserting
“(i) after December 31, 2024, and before the date of the enactment of the Supporting Energy and Economic Development (SEED) Act , or
“(ii) after the December 31, 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.