Supporting Energy and Economic Development (SEED) Act

Key Points

• This bill extends federal tax credits for biodiesel and renewable diesel fuels until the end of 2029. These credits were originally set to expire at the end of 2024.
• The policy helps companies that produce or use cleaner-burning diesel fuels made from vegetable oils, animal fats, or recycled grease. It aims to keep these fuels affordable compared to traditional petroleum diesel.
• To prevent wasting taxpayer money, the bill includes a rule that stops companies from double dipping. Businesses cannot claim this credit if they are already getting a different clean fuel production credit for the same fuel.
• Farmers and fuel producers are the main groups affected. By keeping the credits in place, the government hopes to support rural economies and encourage the use of fuels that produce less pollution.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.