The IRS and Treasury started the clock for when the labor requirements in President Joe Biden’s tax-and-climate law go into effect—still leaving open questions on how to satisfy them.
The agencies released prevailing wage and apprenticeship requirements guidance Nov. 29 for developers and investors looking to take advantage of boosted tax credits in the law.
The guidance didn’t give stakeholders all the details needed to comply, industry groups and advisers said, making it harder for developers and investors to make project and investing decisions.
“There are more questions that need to be answered between now and when this rule goes into effect in roughly 60 days,” Ben Brubeck, Associated Builders and Contractors vice president of regulatory, labor and state affairs, said in a statement Tuesday.
The IRS said it plans to issue proposed regulations and more guidance on these labor rules.
In order to maximize their piece of the tax credits provided in the Inflation Reduction Act, investors have to pay laborers and mechanics working on their project the prevailing wage—a rate set by the US Department of Labor based on the local hourly pay plus fringe benefits—and use trained workers who have participated in a DOL-official registered apprenticeship program to complete a certain percentage of the project.
The guidance covers when construction will need to...
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