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 tax incentives for biodiesel and renewable diesel through 2029. These incentives include credits for fuels used for taxable purposes and payments for fuels not used for taxable purposes. The bill also ensures that 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.

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 tax incentives for biodiesel and renewable diesel through 2029. These incentives include credits for fuels used for taxable purposes and payments for fuels not used for taxable purposes. The bill also ensures that 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.