H.R.8497

Extends biodiesel and renewable diesel incentives under the Internal Revenue Code through 2029.

The Supporting Energy and Economic Development (SEED) Act amends the Internal Revenue Code to extend the credit for biodiesel and renewable diesel used for taxable purposes through 2029. It also extends the credit for fuels not used for taxable purposes through the same year. The bill ensures no double benefit is allowed for any fuel with respect to which a credit is allowed under section 45Z(a) for any taxable year. The changes apply to fuel sold or used on or after the date of the enactment of this Act.