On August 29, 2023,[1] the IRS and Treasury Department released proposed regulations (the Proposed Regulations) regarding the prevailing wage requirements (the Prevailing Wage Requirements) and the apprenticeship requirements (the Apprenticeship Requirements and, together with the Prevailing Wage Requirements, the Labor Requirements) under the Internal Revenue Code (the Code), as amended by the Inflation Reduction Act of 2022 (the IRA). Taxpayers generally must satisfy the Labor Requirements in order to receive the full amount of certain energy transition tax credits (each, an Increased Credit) for eligible facilities, properties, projects, or equipment (each, a Project).
The following is a summary of significant provisions in the Proposed Regulations.
Incorporation of Davis-Bacon Act. Consistent with Notice 2022-61 (the Notice),[2] the Proposed Regulations rely on various definitions and guidance under the Davis-Bacon Act (the DBA).[3] The preamble to the Proposed Regulations (the Preamble) explains that the Proposed Regulations incorporate elements of the DBA only to the extent relevant and consistent with sound tax administration. For example, the Proposed Regulations incorporate the definitions of “laborer” and “mechanic,” “construction, alteration, or repair,” “wages,” and “employed” from the DBA and rely on substantive DBA guidance with respect to wage determinations and recordkeeping, in each case, with appropriate changes for the particular...
CHARLOTTE — A man is suing Mecklenburg County Sheriff Garry McFadden and his office, claiming incorrect charges were posted on the county’s public mugshot website, damaging his reputation. Joseph ...