A bipartisan bill sponsored recently by U.S. Rep. Mike Carey (R-OH) aims to lower energy prices for American consumers, boost domestic energy production, and reduce the nation’s reliance on foreign energy.
If enacted, the Strengthening Economic and Energy Development (SEED) Act, H.R. 8497, would amend the Internal Revenue Code of 1986 to extend biodiesel and renewable diesel incentives. Specifically, the Section 40A biodiesel tax credit of $1 per gallon would be extended through 2029.
“Reinstating the biodiesel tax credit allows us to tap into a policy solution that we know will serve as an economic engine by boosting domestic energy production and lowering costs for American families,” Rep. Carey said on May 28. “Strengthening our supply of biodiesel and renewable diesel will have a ripple effect across the American economy, supporting farmers who grow crops used in renewable fuels and alleviating cost pressures on fuel and consumer goods.”
H.R. 8497, which Rep. Carey sponsored on April 27, has 10 original cosponsors, including U.S. Reps. Ashley Hinson (R-IA), Dusty Johnson (R-SD), Mike Kelly (R-PA), Darin LaHood (R-IL), Andrew Garbarino (R-NY), and Lou Correa (D-CA).
The bill has garnered support from several organizations, including the Association of American Railroads, the American Trucking Associations, the National Association of Convenience Stores, the National Energy & Fuels Institute, and the Truckload Carriers Association, among others.
The bill remains under consideration by the U.S. House Ways and Means Committee.