S. 4408

119 S4408 IS: Supporting Energy and Economic Development (SEED) Act
 U.S. Senate
 2026-04-28
 text/xml
 EN
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 II  119th CONGRESS  2d Session  S. 4408  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    A BILL
To 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)
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.