The Inflation Reduction Act (the “IRA”), which was signed into law in August of 2022, has been top of mind for members of the renewable energy industry. This is because, among other things, the IRA significantly restructured the production and investment tax credit system that drives the economics of many renewable energy projects. Tantamount amongst the changes is the establishment of the prevailing wage and apprenticeship requirements (the “PWA Requirements”) that must be satisfied for projects using the Production Tax Credit (the “PTC”) under Section 45 and 45Y of the Internal Revenue Code (the “Code”) and the Investment Tax Credit (the “ITC”) under Section 48 and 48E of the Code to maximize the PTC and ITC benefits.[1] Generally, the PWA Requirements apply to laborers and mechanics used in constructing, and in certain post-construction work on, projects that are 1 MW or larger and begin construction on or after January 29, 2023.[2] To aid developers and other stakeholders in complying with the PWA Requirements, the Treasury and the Internal Revenue Service published Notice 2022-61 (the “Notice”) on November 30, 2022. The Notice sets forth the PWA Requirement parameters and details regarding permitted exceptions to compliance.
While the Notice provides a helpful starting point, industry members are eagerly awaiting further guidance as there is still ambiguity regarding aspects of the compliance parameters. One thing is clear, however, and that is in order to obtain the...
Tehran – Saba: The Iranian Foreign Ministry condemned the subversive actions taken by the rulers of Abu Dhabi against the Islamic Republic of Iran. Last night, Tasnim News Agency reported that the...