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Stay updated on the latest Treasury regulations! Discover how the 2024 prevailing wage and apprenticeship requirements impact your business. Ensure compliance and leverage potential tax benefits by reading our detailed analysis. #TaxAlert #TreasuryRegulations #BusinessCompliance

Via PV Mag: " A look at the prevailing wage and apprenticeship final rule: Taxpayers seeking to claim the highest available investment and/or production tax credits for renewable energy projects must comply with the prevailing wage and apprenticeship requirements. Nearly two years following passage of the Inflation Reduction Act of 2022 (IRA), Treasury and the IRS released the unpublished version of the final rule (Final Rule) for compliance with the IRA’s prevailing wage and apprenticeship requirements (PWA requirements). Taxpayers seeking to claim the highest available investment and/or production tax credits for renewable energy projects must comply with the PWA requirements. A taxpayer must ensure that laborers or mechanics employed by the taxpayer or any contractor or subcontractor in the construction, alteration, or repair of a qualifying facility comply with the PWA requirements. The Final Rule concludes the federal rulemaking process for the PWA requirements. (Note: The Final Rule is scheduled to be officially published on June 25, 2024, and therefore this article relies on the unpublished version.) The Final Rule will replace the previously-issued Notice of Proposed Rulemaking (released August 30, 2023) (NOPR), which replaced the Initial Guidance (released November 30, 2022). Overall, the Final Rule is generally consistent with the NOPR, providing helpful clarification on industry concerns raised in comments to the NOPR. However, the Final Rule expressly declines to address industry-specific concerns, emphasizing that determinations of compliance with PWA requirements will be made based upon specific facts and circumstances. It therefore leaves several questions open to interpretation, including whether commissioning work is subject to PWA requirements and to what extent certain post-operational work may be subject to PWA requirements. Clarifications First, with respect to when PWA requirements apply, the Final Rule provides two useful clarifications: Its supplementary information notes that “unrelated third party manufacturers who produce materials, supplies, equipment, and prefabricated components for multiple customers or the general public” are not subject to PWA requirements. In other words, most suppliers (absent performance of construction, alteration or repair on a project site) will not be subject to PWA requirements. It also clarifies that apprenticeship requirements only apply to the construction of a qualified facility, and do not apply to alteration or repair of a facility after the facility is placed in service. In other words, most operations and maintenance vendors will not be subject to apprenticeship requirements. Second, with respect to payment of prevailing wages, the Final Rule outlines regulations consistent with the NOPR: A taxpayer must ensure that laborers or mechanics employed by the taxpayer or any… " #EnergyStrorage #BatteryStorage #Energy

🚨 IRS Notice Alert - Updates to IRA Prevailing Wage/Apprenticeship🚨 This morning the IRS published final regulations on the prevailing wage and apprenticeship (PWA) requirements that impact many incentives in the #IRA like 179D, the Investment Tax Credit, and 45L. Compliance with the prevailing wage and apprenticeship requirements often means a 5x increase in the credit or deduction - a huge incentive! 💲 💲 💲 On the other hand, claiming the increased incentives, but not being compliant with these requirements, can lead to steep penalties. Here are some quick tips when pursuing PWA 1. Regularly review payroll records during the project. 2. Add PWA requirements to contracts with contractors/subcontractors. 3. Keep up to date on prevailing wage rates and the qualified apprenticeship hours. 4. Post prevailing wages in an easily accessible area or notify everyone regularly by email. 5. Establish procedures for project team to easily identify and report suspected failures (without fear of retaliation/adverse action). 6. Contact the DoL's apprenticeship office or the relevant state agency for assistance with apprenticeship programs. 7. Work with an experienced tax consultant, like TaxTaker, who can help you navigate the PWA requirements. Have thoughts on the prevailing wage & apprenticeship requirements? Share your thoughts below! #construction #tax #sustainability #energyefficient #solar #geothermal https://lnkd.in/ghrREgVF

The Treasury Department and the Internal Revenue Service recently issued final regulations concerning the prevailing wage and apprenticeship requirements. These requirements have significant implications for clean energy initiatives. Learn more about these regulations and key takeaways, including the application of PWA requirements to credits. #TaxLaw #PWARequirements #IRS #CleanEnergy #slotnicklaw #slotnick

The Inflation Reduction Act passed in 2022 enhanced the value of many #greenenergy tax incentives, making energy efficient projects more incentivized. The catch is they have to meet the new prevailing wage and apprenticeship requirements: https://hubs.la/Q02cn6qC0 #prevailingwages #apprenticeship #taxincentives #construction #sustainablebuildng

Are you looking into the incentives from the Inflation Reduction Act? Many of them are dependent upon meeting Prevailing Wage & Apprenticeship requirements. Check out our most recent article that summarizes these new rules. Are you looking for help with the #IRA #tax incentives? Reach out! #construction #energyefficiency #179D #ITC #45L

Final Treasury regulations on prevailing wage and apprenticeship (PWA) labor requirements for #cleanenergy #taxcredits are out. We distill 300+ pages to 3 key concepts. Read RSM's summary here: #sustainability #InflationReductionAct #CleanEnergy #TaxCredits -with Sara Hutton, Shaun Nelson, and Marisa Slabbert

The Treasury Department and the Internal Revenue Service recently issued final regulations concerning the prevailing wage and apprenticeship requirements. These requirements have significant implications for clean energy initiatives. Learn more about these regulations and key takeaways, including the application of PWA requirements to credits. #TaxLaw #PWARequirements #IRS #CleanEnergy Carl Staiger Christian Antkowiak

ICYMI: The IRS issued final rules on wage and apprenticeship requirements for higher clean energy tax credits and deductions: https://ow.ly/Cs5450SqjcU. #cleanenergy #wage #apprenticeship #tax #taxcredit

🚨 U.S. Department of the Treasury and Internal Revenue Service published final regulations on Prevailing Wage and Apprenticeship (#PWA) requirements, which were developed in close partnership with the U.S. Department of Labor (IRS and DOL are working on an MOU to be signed by end of year). The Treasury Department and the IRS received 342 written comments in response to the PWA proposed regulations. Details of the final rules include:  -- Requiring that determinations of prevailing wage rates be made by DOL, consistent with the Davis-Bacon Act;  -- Incentivizing practices that will encourage contemporaneous compliance; -- Implementing strong recordkeeping requirements; -- Guaranteeing that taxpayers with projects covered by qualifying project labor agreements do not need to pay penalties; and -- Clarifying apprenticeship requirements such as clearly defining what constitutes as a request for qualified apprentices, what constitutes as a response, and when the good faith effort exception applies. DOL recently launched an interactive map (Good Clean Jobs Powered by the IRA) that estimates the number of workers at more than 1,000 planned clean energy projects nationwide who stand to benefit if taxpayers satisfy the prevailing wage and apprenticeship requirements. The Administration will be conducting webinars, briefings and other engagements over the coming months to help educate workers about these rules and their associated tools and resources. Final Rule in Federal Register: https://lnkd.in/gKdR86Sh Treasury press release: https://lnkd.in/gnMA5JRf Additional info documents (all revised June 2024)... IRA PWA Requirements Factsheet (one-pager): https://lnkd.in/gc3vXTjt IRA PWA Overview: https://lnkd.in/gxnaNq5x PWA FAQs link: https://lnkd.in/gvU9_n5u DOL interactive map: https://lnkd.in/gb7_8YSV Learn more about clean energy tax credit analysis and implementation from our experts at Boundary Stone Partners!! #prevailing-wage | #apprenticeship | #labor | #taxcredits