(Bismarck, ND) — Farmers are welcoming new tax credits with open arms this week. On Tuesday, the U.S. Treasury Department announced how farmers can claim tax credits for climate-friendly practices. Soybean farmers are finding relief in credits for turning soybeans into soybean oil and soybean meal. There is also a credit for turning soybean oil into renewable diesel fuel. The conversion plants make the industry less reliant on exports to China, which have shrunk because of President Trump’s tariff policies. The ethanol industry also praised the new tax credits, saying they will help ethanol producers monetize low-carbon farming practices.
