Dive Brief:

• The Treasury Department and Internal Revenue Service released Tuesday proposed regulations and clarifying information on the prevailing wage and registered apprenticeship requirements that companies have to meet to qualify for additional tax credits under the Inflation Reduction Act.
• The proposed regulations include a “good faith” exception that allows companies to qualify as having met the registered apprenticeship requirements if they make sufficient attempts to hire apprentices but are unable to do so.
• That clarification comes amid industry concerns about being able to hire registered apprentices due to an overall shortage and the Department of Labor having yet to approve certain renewables jobs for apprenticeships.

Dive Insight:

“ACORE was pleased to see the Treasury Department release guidance on the IRA’s prevailing wage and apprenticeship provisions,” said the American Council on Renewable Energy’s CEO Gregory Wetstone in an email. “We believe this rulemaking supplies much needed certainty on how developers may satisfy these requirements and access full-value tax credits.”

The proposed regulations state that taxpayers will be “deemed to have satisfied” apprenticeship requirements if they have “requested qualified apprentices from a registered apprenticeship program” and had their request denied for reasons outside their control, or if the apprenticeship program fails to respond within five business days.

“The Treasury Department and the IRS...

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