Supporting Energy and Economic Development (SEED) Act

The Supporting Energy and Economic Development (SEED) Act extends tax credits for biodiesel and renewable diesel through 2029 to encourage the production and use of these fuels. It prevents companies from claiming both income and excise tax credits for the same fuel by eliminating the double benefit for clean fuel production credits. Additionally, the bill clarifies rules for excise tax incentives, ensuring they apply to fuel used for taxable purposes after December 31, 2024, and before the law's enactment. These changes directly affect fuel producers, distributors, and businesses that utilize biodiesel or renewable diesel in their operations.