Supporting Energy and Economic Development Act

Summary#

This act would amend the Internal Revenue Code to extend tax incentives for biodiesel and renewable diesel. It changes several code sections by replacing the year "2024" with "2029" for income tax and excise incentives. The act adds rules that prevent the same fuel from getting two overlapping benefits: if a fuel gets a credit under section 45Z(a) for a taxable year, the amount under the amended sections is zero. The changes apply to fuel sold or used on or after the law's enactment.

What it means for you#

• Producers, sellers, and users of biodiesel and renewable diesel would have the income tax credit and excise incentives available through 2029 instead of through 2024.
• The act includes a rule that stops claiming two different credits for the same fuel in the same year when a section 45Z(a) credit applies.
• The effective date is the date the act becomes law and covers fuel sold or used on or after that date.

Expenses#

No publicly available information on costs or budgetary effects appears in the bill text or provided metadata.

Proponents' View#

The title and text indicate sponsors intend to support energy and economic development by extending biodiesel and renewable diesel incentives through 2029. No detailed sponsor statements or additional rationale are included in the bill text or provided metadata.

Opponents' View#

No publicly available information on opposition statements or objections appears in the bill text or provided metadata.