Empact Technologies’ Post

#TaxIncentives under the #InflationReductionAct are designed to support the growth of #renewableenergy and #energytransition projects. A key component of these incentives is the Prevailing Wage and Apprenticeship (PW&A) Requirements, which can significantly enhance tax credits for qualifying energy projects. One important aspect to consider is the Beginning of Construction Exception, which offers increased credits for projects that began construction before January 29, 2023, even if they don't meet the PW&A Requirements. The impact of this exception varies depending on the tax credit, making it vital for stakeholders to stay informed. Additionally, the Proposed Regulations by the #IRS and the U.S. Department of the Treasury provide clarity on what constitutes "construction, alteration, or repair" for the purpose of the PW&A Requirements. For a deeper understanding of how these tax incentives can benefit your renewable energy projects, I invite you to read the full article my colleagues Ori Noiman and Deanna Harris and I wrote on the Leo Berwick insights page: https://lnkd.in/e5yK3rRr.

Questions on the Inflation Reduction Act?? Alliant Consulting, Inc. is offering a 1.5hr webinar going in-depth on the prevailing wage and apprenticeship requirements. If you are in the Renewable Energy space, this is one you won't want to miss!

As part of the Inflation Reduction Act (IRA), clean energy companies that satisfy certain prevailing wage and registered apprenticeship (PWA) requirements can claim enhanced tax credits and deductions. The IRS and U.S. Treasury Dept. have announced proposed guidance to help qualified businesses claim the tax benefits, including taxpayers that initially failed to satisfy the PWA requirements but seek to cure the failure. The IRS has also released FAQs to provide answers to energy facility and project owners with questions about IRA tax breaks, prevailing wage requirements and other related topics. To read the FAQs: https://bit.ly/3OZ53iO

As part of the Inflation Reduction Act (IRA), clean energy companies that satisfy certain prevailing wage and registered apprenticeship (PWA) requirements can claim enhanced tax credits and deductions. The IRS and U.S. Treasury Dept. have announced proposed guidance to help qualified businesses claim the tax benefits, including taxpayers that initially failed to satisfy the PWA requirements but seek to cure the failure. The IRS has also released FAQs to provide answers to energy facility and project owners with questions about IRA tax breaks, prevailing wage requirements and other related topics. To read the FAQs: https://bit.ly/3OZ53iO

As part of the Inflation Reduction Act (IRA), clean energy companies that satisfy certain prevailing wage and registered apprenticeship (PWA) requirements can claim enhanced tax credits and deductions. The IRS and U.S. Treasury Dept. have announced proposed guidance to help qualified businesses claim the tax benefits, including taxpayers that initially failed to satisfy the PWA requirements but seek to cure the failure. The IRS has also released FAQs to provide answers to energy facility and project owners with questions about IRA tax breaks, prevailing wage requirements and other related topics. To read the FAQs: https://bit.ly/3OZ53iO

As part of the Inflation Reduction Act (IRA), clean energy companies that satisfy certain prevailing wage and registered apprenticeship (PWA) requirements can claim enhanced tax credits and deductions. The IRS and U.S. Treasury Dept. have announced proposed guidance to help qualified businesses claim the tax benefits, including taxpayers that initially failed to satisfy the PWA requirements but seek to cure the failure. The IRS has also released FAQs to provide answers to energy facility and project owners with questions about IRA tax breaks, prevailing wage requirements and other related topics. To read the FAQs: https://bit.ly/3OZ53iO

As part of the Inflation Reduction Act (IRA), clean energy companies that satisfy certain prevailing wage and registered apprenticeship (PWA) requirements can claim enhanced tax credits and deductions. The IRS and U.S. Treasury Dept. have announced proposed guidance to help qualified businesses claim the tax benefits, including taxpayers that initially failed to satisfy the PWA requirements but seek to cure the failure. The IRS has also released FAQs to provide answers to energy facility and project owners with questions about IRA tax breaks, prevailing wage requirements and other related topics. To read the FAQs: https://bit.ly/3OZ53iO

Clean energy incentives are one of the year-end items you should be considering in your business. There are SIXTEEN new or expanded tax incentives related to clean energy, and they're some of the most significant EVER offered. Nontaxable entities such as not-for-profits, tribal entities, and government entities may qualify for elective payments rather than a credit. But to maximize these tax breaks, you may need to meet certain wage and apprenticeship requirements. It’s worth exploring before year-end what these incentives could mean for your business on your 2023 return.

It's worth pointing out the many people who helped bring about Treasury's and the IRS's final rule on prevailing wage and registered apprenticeship requirements that apply to 12 clean energy incentives under President Biden's Inflation Reduction Act. The list of people working on these rules both inside and outside government (including by writing and reading public comments and the rules themselves) as well as the members of Congress and their staff who worked to draft and pass the legislation would overwhelm this platform. So I hope the accomplishment of ensuring that clean energy jobs are good jobs, enabling workers to build the infrastructure we need while getting the training and wages they need and deserve, speaks for itself and delivers some gratitude to Hill, administration, and career staff alike. Learn more about the next steps to achieve the full incentives, comply with the requirements, and build our clean energy economy through all of the materials linked below: https://lnkd.in/eEyJpeNq

Employers that want to claim “green energy” tax credits made available by the Inflation Reduction Act, take note: The IRS is releasing final regulations and guidance about prevailing wage and apprenticeship (PWA) requirements. In general, businesses must comply with the PWA tests if a worker performs construction, alteration or repair of a qualified facility. However, the final regs waive penalties if employers relied on earlier rules so long as they correct the amounts paid to impacted workers within 180 days of the final regs’ publication. They’re expected to be published on June 25, 2024. To view a summary of the final regs: https://bit.ly/3VP1kJe. Contact us for more information. #GreenEnergyCredits #InflationReductionAct #IRSPWA #TaxIncentives