Taxes
The proposed rules include prevailing wage and registered apprenticeship requirements for clean energy projects.
Aug. 29, 2023
The Treasury Department and the IRS issued detailed—but more flexible—regulations on Tuesday regarding the new prevailing wage and registered apprenticeship requirements, which are linked to companies claiming clean energy tax credits under the Inflation Reduction Act.
The IRS also released frequently asked questions and Publication 5855, which is an overview of the prevailing wage and apprenticeship requirements and the applicable credits.
“The Inflation Reduction Act’s prevailing wage and registered apprenticeship requirements apply to many of the clean energy deployment tax incentives under the law, including for the clean energy investment and production tax credits that help finance utility-scale wind, solar, and battery storage projects as well as for the credits for carbon capture, utilization, and storage and clean hydrogen projects,” the Treasury Department said in a news release. “If the prevailing wage and registered apprenticeship requirements are satisfied, a taxpayer can claim an enhanced credit or deduction equal to up to five times the value of the regular credit or deduction.”
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