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Prevailing Wages Internal Revenue Code (IRC)

Holland & Knight LLP

A Look at IRA Prevailing Wage and Apprenticeship Requirements Final Regulations Highlights

Holland & Knight LLP on

The U.S. Department of the Treasury and IRS on June 25, 2024, issued final regulations regarding increased credit or deduction amounts available for taxpayers satisfying prevailing wage and registered apprenticeship...more

Holland & Hart - Employers' Lawyers

IRS Issues Final Prevailing Wage and Apprenticeship Regulations

On June 25, 2024, the Internal Revenue Service and U.S. Department of Treasury published final Treasury Regulations (“Final Regulations”) in the Federal Register on the prevailing wage and registered apprenticeship...more

Foley & Lardner LLP

IRS Releases Proposed Regulations for Section 45V Hydrogen Production Credit

Foley & Lardner LLP on

Last week, the Internal Revenue Service (“IRS”) and Department of the Treasury published proposed regulations (the “Proposed Regulations”) relating to the tax credit for production of clean hydrogen under Section 45V of the...more

Pillsbury Winthrop Shaw Pittman LLP

Treasury Department and IRS Issue Proposed Regulations on the Energy Investment Tax Credit under Section 48 of the Internal...

The proposed regulations offer helpful guidance for taxpayers seeking to take advantage of the ITC under IRC section 48. The proposed regulations add new definitions to clarify the scope of recently added qualifying...more

Holland & Knight LLP

Breaking Down the Section 48 Investment Tax Credit Proposed Regulations

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The U.S. Department of the Treasury and IRS on Nov. 17, 2023, released long-awaited proposed regulations (Proposed Regulations) regarding the investment tax credit (ITC) under Section 48 of the Internal Revenue Code. Section...more

Holland & Knight LLP

Section 48 Proposed Regulations Detail Treatment of Qualified Biogas Property

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The U.S. Department of the Treasury on Nov. 17, 2023, issued proposed regulations (Proposed Regulations) regarding the investment tax credit (ITC) under Section 48 of the Internal Revenue Code (Code) that, following passage...more

Bracewell LLP

Current Year IRS Priority Guidance Plan Highlights Energy Transition

Bracewell LLP on

On September 29, 2023, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) released their 2023–2024 Priority Guidance Plan (the Plan). The Plan describes the various guidance priorities of the IRS...more

Pillsbury Winthrop Shaw Pittman LLP

Treasury Department and IRS Issue Proposed Regulations on the Prevailing Wage and Apprenticeship Requirements under the Inflation...

The proposed regulations adopt the Department of Labor’s published rates for prevailing wages for the relevant type of construction in the geographic location of the project. The proposed regulations provide additional...more

Porter Hedges LLP

Recent Construction News under the Inflation Reduction Act

Porter Hedges LLP on

The Inflation Reduction Act of 2022 (“IRA”) offered several incentives for the construction industry, including an update of the deduction for energy efficient property installed at commercial buildings under Section 179D of...more

Mintz - Energy & Sustainability Viewpoints

The Inflation Reduction Act of 2022: Takeaways for the Clean Energy Sector

Inflation Reduction Act Overview - $740 billion package focused on inflation and deficit reduction, health care, and energy security & climate change - • Raises $737 billion in revenue through a new 15% corporate book...more

King & Spalding

H2ypothetical - Prevailing Wage and Apprenticeship Requirements

King & Spalding on

The Inflation Reduction Act of 2022 (the Act) included multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding Client Alert. Many of these provisions became...more

Sheppard Mullin Richter & Hampton LLP

Inflation Reduction Act: Prevailing Wage and Apprenticeship Requirement FAQs and Key Takeaways from the Initial Guidance from the...

As previously discussed in our blog Inflation Reduction Act: Wage and Apprenticeship Requirements, the Inflation Reduction Act (the “IRA”) restructured the tax credit system associated with qualified clean energy projects...more

Quarles & Brady LLP

IRS Issues New Guidance Related to Bonus Tax Credits for Renewable Energy Projects: Prevailing Wage Requirements and Start of...

Quarles & Brady LLP on

On November 30, 2022, the Internal Revenue Service published Notice 2022-61 in the Federal Register, providing guidance on the prevailing wage and apprenticeship requirements that, if met, entitle Indian tribal governments...more

Bracewell LLP

IRS and Treasury Department Release Initial Guidance for Labor Requirements under Inflation Reduction Act

Bracewell LLP on

On November 30, 2022, the IRS and the Treasury Department published Notice 2022-61 (the Notice) in the Federal Register. The Notice provides guidance regarding the prevailing wage requirements (the Prevailing Wage...more

Orrick, Herrington & Sutcliffe LLP

IRA Update: What to Know About the New Guidance on Prevailing Wage and Apprenticeship Requirements

On November 30, 2022, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) published initial guidance clarifying certain questions surrounding the new prevailing wage and apprenticeship...more

ArentFox Schiff

“Help Me Get My Feet Back on the Ground”: IRS and Treasury Issue Initial Guidance on Prevailing Wage and Apprenticeship...

ArentFox Schiff on

On November 29, 2022, the Internal Revenue Service (IRS) and the Treasury issued a Notice of Initial Guidance (the Notice), which provides the first round of guidance with respect to the prevailing wage requirements and...more

Littler

Treasury Department Issues Guidance on the Inflation Reduction Act’s Prevailing Wage and Apprenticeship Requirements

Littler on

On November 30, 2022, the U.S. Treasury Department published in the Federal Register its guidance on the Inflation Reduction Act’s (IRA) new prevailing wage and apprenticeship requirements. Taxpayers seeking to qualify for...more

Sheppard Mullin Richter & Hampton LLP

Inflation Reduction Act: Wage and Apprenticeship Requirements

President Joe Biden signed into law the Inflation Reduction Act of 2022 (“HR 5376”) (the “IRA” or the “Act”), on August 16, 2022. There are numerous tax credits in the legislation that intend to facilitate access to...more

McDermott Will & Emery

Weekly IRS Roundup October 24 – October 28, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 24, 2022 – October 28, 2022....more

Littler

New Federal Tax Credits Require Compliance with New Prevailing Wage and Apprenticeship Mandates on Clean Energy Construction

Littler on

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (IRA) of 2022. Among many other provisions, the IRA contains a new federal 30% tax credit for private construction, alteration or repair of...more

Wiley Rein LLP

Treasury Requests Comments for Upcoming Guidance on Energy Tax Benefits in the Inflation Reduction Act

Wiley Rein LLP on

The U.S. Treasury Department (Treasury) and the Internal Revenue Service (IRS) published six notices on October 5, 2022, requesting comments on various provisions in the Internal Revenue Code (Code) related to energy tax...more

Bracewell LLP

General Overview of the Inflation Reduction Act of 2022

Bracewell LLP on

On Tuesday, August 16, President Biden signed the Inflation Reduction Act of 2022 (the Act) into law, which includes material changes to various sections of the Internal Revenue Code of 1986, as amended (the Code). The...more

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