diff --git a/math/py-linearmodels/Makefile b/math/py-linearmodels/Makefile
index 59616e0b78e9..709b1a3731dc 100644
--- a/math/py-linearmodels/Makefile
+++ b/math/py-linearmodels/Makefile
@@ -1,33 +1,34 @@
 PORTNAME=	linearmodels
-PORTVERSION=	4.27
-PORTREVISION=	1
+PORTVERSION=	4.29
 CATEGORIES=	math python # statistics
 MASTER_SITES=	PYPI
 PKGNAMEPREFIX=	${PYTHON_PKGNAMEPREFIX}
 
 MAINTAINER=	yuri@FreeBSD.org
 COMMENT=	Linear Panel, Instrumental Variable, Asset Pricing and other models
 WWW=		https://bashtage.github.io/linearmodels/
 
 LICENSE=	BSD3CLAUSE
 LICENSE_FILE=	${WRKSRC}/LICENSE.md
 
 PY_DEPENDS=	${PYTHON_PKGNAMEPREFIX}formulaic>=0.3.2:math/py-formulaic@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}mypy_extensions>=0.4:devel/py-mypy_extensions@${PY_FLAVOR} \
 		${PYNUMPY} \
 		${PYTHON_PKGNAMEPREFIX}pandas>=0.24:math/py-pandas@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}property-cached>=1.6.3:devel/py-property-cached@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}pyhdfe>=0.1:math/py-pyhdfe@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}scipy>=1.2:science/py-scipy@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}statsmodels>=0.11:math/py-statsmodels@${PY_FLAVOR}
-BUILD_DEPENDS=	${PYTHON_PKGNAMEPREFIX}setuptools_scm>=6.4.2,<7.0.0:devel/py-setuptools_scm@${PY_FLAVOR} \
+BUILD_DEPENDS=	${PYTHON_PKGNAMEPREFIX}setuptools_scm>0:devel/py-setuptools_scm@${PY_FLAVOR} \
 		${PY_DEPENDS}
 RUN_DEPENDS=	${PY_DEPENDS}
 
 USES=		python:3.7+ shebangfix
-USE_PYTHON=	autoplist cython distutils
+USE_PYTHON=	distutils cython autoplist pytest # tests fail to run, see https://github.com/bashtage/linearmodels/issues/512
+
+TEST_ENV=	${MAKE_ENV} PYTHONPATH=${STAGEDIR}${PYTHONPREFIX_SITELIBDIR}
 
 post-install:
 	@${STRIP_CMD} ${STAGEDIR}${PYTHON_SITELIBDIR}/linearmodels/panel/_utility${PYTHON_EXT_SUFFIX}.so
 
 .include <bsd.port.mk>
diff --git a/math/py-linearmodels/distinfo b/math/py-linearmodels/distinfo
index a17850b99810..1b0e9e5bcb21 100644
--- a/math/py-linearmodels/distinfo
+++ b/math/py-linearmodels/distinfo
@@ -1,3 +1,3 @@
-TIMESTAMP = 1672264555
-SHA256 (linearmodels-4.27.tar.gz) = 1e2ddd4ee82f46b003633136c1170206a90406a45ef1217d3fade30bb1407ccd
-SIZE (linearmodels-4.27.tar.gz) = 1778740
+TIMESTAMP = 1682321049
+SHA256 (linearmodels-4.29.tar.gz) = 6860dc5cf67e35f11208a0dfc0169224bfcc21c9973faad30284e336086273fd
+SIZE (linearmodels-4.29.tar.gz) = 1795653