Supporting Energy and Economic Development (SEED) Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4408 Introduced in Senate (IS)]

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119th CONGRESS 2d Session S. 4408

To amend the Internal Revenue Code of 1986 to extend biodiesel and renewable diesel incentives, and for other purposes.

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IN THE SENATE OF THE UNITED STATES

April 28, 2026

Mrs. Blackburn introduced the following bill; which was read twice and referred to the Committee on Finance

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A BILL

To amend the Internal Revenue Code of 1986 to extend biodiesel and renewable diesel incentives, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Supporting Energy and Economic Development (SEED) Act''.

SEC. 2. EXTENSION OF BIODIESEL AND RENEWABLE DIESEL INCENTIVES.

(a) Income Tax Credit.-- (1) Extension of biodiesel mixture credit and biodiesel credit.--Section 40A(g) of the Internal Revenue Code of 1986 is amended-- (A) by striking ``shall not apply to any sale or use after December 31, 2024 (or, in the case'' and inserting ``shall not apply to-- ``(2) in the case'', and (B) by striking ``).'' at the end and inserting ``, or ``(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.''. (2) Denial of double benefit.-- (A) In general.--Section 40A(c) of such Code is amended-- (i) by striking ``The amount'' and inserting the following: ``(1) Excise tax credit.--The amount'', and (ii) 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.''. (b) Excise Tax Incentives.-- (1) Credit for fuels used for taxable purposes.-- (A) 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 ``for any period-- ``(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.''. (B) 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).''. (2) 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 ``sold or used-- ``(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.''. (c) 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. <all>