Taxes
The Inflation Reduction Act invests $369 billion toward tackling climate change through clean energy initiatives.
The Treasury Department issued initial guidance on Nov. 29 outlining the new wage and apprenticeship requirements companies must follow to qualify for clean energy tax credits under the Inflation Reduction Act.
“The historic Inflation Reduction Act that President Biden signed into law earlier this year puts in place tax incentives across the energy sector that will drive renewable energy investment and economic growth while ensuring the jobs created from this investment and growth are good-paying ones, with strong labor protections,” Treasury Secretary Janet Yellen said in a statement on Tuesday. “Workers should benefit from the clean energy economy they’re helping build. The guidance announced today provides firms greater clarity on how to meet the labor standards embedded in the bill to maximize the available tax credits.”
The Inflation Reduction Act, which became law in August, invests $369 billion toward tackling climate change through clean energy initiatives. Nearly three-quarters of that climate change investment—an estimated $270 billion—is delivered through tax incentives.
Under the law, the requirements apply to qualifying facilities, projects, property, or equipment for which construction begins 60 days or more after Treasury publishes guidance. The guidance, which was published in the Federal Register on Wednesday, begins that 60-day “clock,”...
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