As previously discussed in our blog Inflation Reduction Act: Wage and Apprenticeship Requirements, the Inflation Reduction Act (the “IRA”) restructured the tax credit system associated with qualified clean energy projects. In particular, to receive the full value of various tax credits, companies must now pay the prevailing wage rates and employ a certain number of registered apprentices in the construction, alteration, and/or repair of qualified clean energy facilities or projects as defined under the Code.
Because the clean energy industry has until now not often needed to comply with the Davis-Bacon Act (the “DBA” or the “Act”) requirements to pay the prevailing wage rates to laborers working on clean energy construction projects, many companies in the renewable energy industry may be unfamiliar with the concept of prevailing wage or how the apprenticeship program works.
This discussion addresses: (1) commonly asked questions about prevailing wage and apprentices; and (2) major takeaways from the initial guidance (the “Guidance”) on these requirements that the Treasury Department and the Internal Revenue Service (the “IRS”) released on November 29, 2022, and subsequently published in the Federal Register on November 30, 2022.
The DBA requires the payment of prevailing wage rates to all laborers and mechanics employed for the construction, alteration, or repair of certain...
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