We have received text from H.R. 8497: Supporting Energy and Economic Development (SEED) Act. This bill was received on 2026-04-27, and currently has 10 cosponsors.
Here is a short summary of the bill:
This legislation, known as the Supporting Energy and Economic Development (SEED) Act, aims to amend the Internal Revenue Code to extend certain tax incentives related to biodiesel and renewable diesel. Below are the key components of the bill:
Extension of Tax Incentives
The bill proposes to extend the duration of income tax credits and excise tax incentives for biodiesel and renewable diesel from 2024 to 2029. This means that companies producing these types of renewable fuel would continue to receive tax benefits for a longer period, encouraging the production and use of these fuels.
Income Tax Credit
- The bill changes the effective date of the income tax credit under Section 40A of the Internal Revenue Code, allowing the credit to be available until 2029.
- It introduces a provision to prevent a "double benefit," specifying that if a credit is claimed under another section for the same fuel, the amount determined for Section 40A will be zero.
Excise Tax Incentives
- Similar to the income tax credit, the excise tax incentives under Section 6426 are also extended to 2029. This includes credits for fuels used for taxable purposes.
- The bill includes a provision to deny a double benefit for fuels that receive a credit under another section, treating such claims similarly to the income tax credit.
- Additionally, the bill extends provisions related to payments for fuels not used for taxable purposes, also pushed back to 2029.
Effective Date
The changes suggested by the legislation would apply to fuel that is sold or used on or after the date the act is enacted.
Relevant Companies
- DAL - Delta Air Lines, Inc.: As a major airline, Delta may benefit from extended incentives for renewable fuels used in their operations.
- TSLA - Tesla, Inc.: Tesla’s development of renewable energy solutions may align with the incentives provided by the bill.
- ADM - Archer-Daniels-Midland Company: A key player in biofuels, ADM could see significant impacts from extended biodiesel incentives.
- CVE - Cenovus Energy Inc.: This company, with interests in renewable energy solutions, might benefit from the extended incentives as well.
Representative Mike Carey Bill Proposals
Here are some bills which have recently been proposed by Representative Mike Carey:
- H.R.8497: Supporting Energy and Economic Development (SEED) Act
- H.R.7527: Pay Less at the Pump Act of 2026
- H.R.6735: Connecting Caregivers to Medicare Act of 2025
- H.R.6431: New Opportunities for Business Ownership and Self-Sufficiency Act
- H.R.4639: Infertility Treatment Affordability Act of 2025
- H.R.4441: Patient Access to Innovative New Technologies Act of 2025
You can track bills proposed by Representative Mike Carey on Quiver Quantitative's politician page for Carey.
Representative Mike Carey Net Worth
Quiver Quantitative estimates that Representative Mike Carey is worth $1.3M, as of April 30th, 2026. This is the 308th highest net worth in Congress, per our live estimates.
Carey has approximately $524.0K invested in publicly traded assets which Quiver is able to track live.
You can track Representative Mike Carey's net worth on Quiver Quantitative's politician page for Carey.
2026 Ohio's 15th Congressional District Election
There has been approximately $4,411,258 of spending in Ohio's 15th congressional district elections over the last two years, per our estimates.
The rating for this race is currently "Solid R".
You can track this election on our matchup page for the 2026 Ohio's 15th congressional district election.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
