119 HR 8497 IH: Supporting Energy and Economic Development (SEED) Act U.S. House of Representatives 2026-04-27 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I119th CONGRESS2d SessionH. R. 8497IN THE HOUSE OF REPRESENTATIVESApril 27, 2026Mr. Carey (for himself, Mr. Correa, Mr. Kelly of Pennsylvania, Mr. Carbajal, Mr. LaHood, Mr. Costa, Ms. Tenney, Mrs. Miller-Meeks, Mr. Johnson of South Dakota, Mrs. Hinson, and Mr. Mann) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to extend biodiesel and renewable diesel incentives, and for other purposes.

1.

Short title

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

2.

Extension of biodiesel and renewable diesel incentives

(a)

Income tax credit

(1)

In general

Section 40A(g) of the Internal Revenue Code of 1986 is amended by striking 2024 and inserting 2029. (2)

Denial of double benefit

Section 40A of such Code is amended— (A)by redesignating subsection (g) (as so amended) as subsection (h), and (B)by inserting after subsection (f) the following new subsection: (g)

Denial of double benefit

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 such Code is amended by striking 2024 and inserting 2029. (B)

Denial of double benefit

Section 6426(c) of such Code is amended— (i)by redesignating paragraph (6) (as so amended) as paragraph (7), and (ii)by inserting after paragraph (5) the following new paragraph: (6)

Denial of double benefit

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.. (2)

Payments for fuels not used for taxable purposes

Section 6427(e)(6)(B) of such Code is amended by striking 2024 and inserting 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.