HR 8497
Supporting Energy and Economic Development (SEED) Act
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Bill overview
The Supporting Energy and Economic Development (SEED) Act extends tax credits and excise tax incentives for biodiesel and renewable diesel. Specifically, it extends the existing incentives through 2029, preventing them from expiring. The bill also includes provisions to prevent a ‘double benefit’ – ensuring that taxpayers cannot receive both the biodiesel tax credit and the excise tax incentive for the same fuel.
Key provisions
- Extends the biodiesel and renewable diesel income tax credit through 2029.
- Extends the excise tax incentive for biodiesel and renewable diesel through 2029.
- Prevents the ‘double benefit’ – eliminates incentives if another credit (like 45Z) is claimed.
- Amends Section 40A of the Internal Revenue Code to adjust the income tax credit.
- Amends Section 6426 of the Internal Revenue Code to adjust the excise tax incentive.
- Addresses payments for fuels not used for taxable purposes.
Who is affected
- Biodiesel producers
- Renewable diesel producers
- Taxpayers who use biodiesel or renewable diesel
- Fuel distributors
Notable changes
- Extends existing incentives for an additional five years.
- Introduces a ‘denial of double benefit’ provision to prevent overlapping credits.
Sponsors
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Primary sponsor
Cosponsors
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119th CONGRESS — 2d Session
H. R. 8497
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Internal Revenue Code of 1986 to extend biodiesel and renewable diesel incentives, and for other purposes.
This Act may be cited as the Supporting Energy and Economic Development (SEED) Act
.
Section 40A(g) of the Internal Revenue Code of 1986 is amended by striking 2024
and inserting 2029
.
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:
Section 6426(c)(6) of such Code is amended by striking 2024
and inserting 2029
.
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:
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.
Section 6427(e)(6)(B) of such Code is amended by striking 2024
and inserting 2029
.
The amendments made by this section shall apply to fuel sold or used on or after the date of the enactment of this Act.