Farm And Biofuel Groups Welcome Federal Agency’s Tax Credit Rules

(Photo by Jeff Beach/North Dakota Monitor)

(North Dakota Monitor) – The soybean and corn industries got some good news this week with the federal government providing some clarity on tax credits for renewable fuels made from the crops.

Producers of biofuel such as ethanol from corn and renewable diesel from soybeans have been awaiting information on how to claim tax credits included in the One, Big, Beautiful Bill Act passed by Congress last year.

The U.S. Treasury Department announced those proposed rules that also provide guidance on claiming credit for climate-friendly farming practices.

“It helps provide some of the certainty we’ve been looking for,” Justin Sherlock, president of the North Dakota Soybean Growers Association said while attending the Northern Corn and Soybean Expo in West Fargo.

North Dakota has two soybean crushing plants that turn whole soybeans into soybean oil and soybean meal.