The Treasury Department and Internal Revenue Service issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects, if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements. The new proposed rules provide guidance on the PWA requirements, enacted as part of the Inflation Reduction Act (IRA), for certain green energy facilities or projects. The IRA provides increased credit or deduction amounts that generally apply for taxpayers who satisfy certain PWA requirements regarding the construction, installation, alteration or repair of a qualified facility, qualified property, qualified project, qualified equipment or for certain energy facilities.
The IRS released FAQ’s and Publication 5855, which provides an overview of the prevailing wage and apprenticeship requirements and the applicable credits.
