Treasury recently issued initial guidance that outlines the new wage and apprenticeship requirements companies must follow to qualify for clean energy tax credits under the Inflation Reduction Act.
The act, signed into law by President Joe Biden in August, invests $369 billion toward tackling climate change through clean energy initiatives. Nearly three-quarters of that investment is by way of certain tax incentives.
The guidance begins the 60-day period to meet the requirements for qualifying facilities, projects, properties or equipment for which construction begins beginning on or after Jan. 29, 2023, according to Treasury.
Both the prevailing wage and apprenticeship requirements apply to several tax incentives under the bill. Find a summary of those requirements here.