News & Analysis as of

Energy Projects Production Tax Credit Prevailing Wages

Baker Botts L.L.P.

Final Regulations Issued Regarding Section 48 Investment Tax Credit

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On December 12, 2024, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (“Treasury”) published final regulations (the “final regulations”) regarding the energy credit under Section 48 of the Internal...more

Vinson & Elkins LLP

State of the IRA – Pre-Election Review

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As Vinson & Elkins prepares to host its “Energy Transition and IRA Conference” in New York on November 7, 2024 (just two days after the upcoming presidential election), we ask ourselves, where have we been and where might we...more

ASKramer Law

Energy Tax Credits for a New World Part VI: Energy Community Bonus Credits

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What is the purpose of the Energy Community Bonus Credit? The Inflation Reduction Act (IRA) introduced the Energy Community Bonus Credit to encourage renewable energy project developers to locate their facilities and energy...more

ASKramer Law

Energy Tax Credits For A New World Part IV: Prevailing Wage and Apprenticeship Bonus Credits

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Why did Congress provide bonus credits to a facility or a project that pays its workers “prevailing wages” and hires apprentices? Congress viewed the Inflation Reduction Act (IRA) as a way to not only move the United States...more

Mayer Brown

Final Regulations Issued on Prevailing Wage and Apprenticeship Requirements under the Inflation Reduction Act

Mayer Brown on

On June 18, 2024, the US Internal Revenue Service (“IRS”) and Department of the Treasury (“Treasury”) issued final regulations (“Final Regulations”) establishing rules for taxpayers intending to satisfy the prevailing wage...more

Orrick, Herrington & Sutcliffe LLP

Treasury and IRS Release Final Regulations on Prevailing Wage and Apprenticeship Requirements Under the Inflation Reduction Act

The U.S. Department of the Treasury and the Internal Revenue Service have released final regulations outlining how taxpayers can seek increased tax benefits by meeting prevailing wage and apprenticeship (PWA) requirements on...more

Holland & Knight LLP

Treasury Department, IRS Issue Final IRA Prevailing Wage and Apprenticeship Regulations

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The U.S. Department of the Treasury and IRS on June 18, 2024, issued final regulations regarding the prevailing wage and apprenticeship (PWA) requirements. If the construction of a facility begins on or after Jan. 29, 2023,...more

King & Spalding

IRS and Treasury Issue Section 48 Investment Tax Credit Proposed Regulations

King & Spalding on

Section 48 of the Internal Revenue Code of 1986, as amended (the “Code”) provides for an investment tax credit (“ITC”) for certain energy property. The Inflation Reduction Act of 2022 (the “IRA”) amended Section 48 in several...more

Cozen O'Connor

IRS Proposes Helpful Rules for Energy Tax Credits

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On November 22, 2023, the Internal Revenue Service published proposed regulations concerning Sections 48, 6417, and 6418. These proposed rules would affect the conditions for claiming energy credits, the amount of energy...more

BakerHostetler

Analysis of IRS Proposed Regulations Addressing the Renewable Energy Credit Prevailing Wage and Apprenticeship Requirements

BakerHostetler on

As covered in our prior alerts, the Inflation Reduction Act modified and reinstated existing renewable energy credits, enacted new renewable energy credits, and included a mechanism for certain tax credits to increase by a...more

Paul Hastings LLP

Treasury Issues Long-Awaited Wage and Apprenticeship Regulations for Energy Tax Credits

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The Inflation Reduction Act of 2022 introduced significant changes to the renewable energy tax credit landscape. One of the most notable of these changes, in addition to the broader goals of combating climate change and...more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release Proposed Regulations Regarding the Prevailing Wage and Apprenticeship Requirements

On August 29, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released a notice of proposed rulemaking and accompanying frequently asked questions (Proposed Regulations) regarding the...more

BCLP

Industry update: PWA guidance

BCLP on

The Inflation Reduction Act (the “IRA”), which was signed into law in August of 2022, has been top of mind for members of the renewable energy industry. This is because, among other things, the IRA significantly restructured...more

Quarles & Brady LLP

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

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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

Pillsbury Winthrop Shaw Pittman LLP

IRS Provides Highly Anticipated Wage and Apprentice Guidance for Applicable Tax Credits under the Inflation Reduction Act

Publication of Notice 2022-61 starts the 60-day clock until projects that initially commence construction must comply with the new requirements. On November 30, 2022, the Internal Revenue Service (IRS) published Notice...more

Eversheds Sutherland (US) LLP

Inflation Reduction Act of 2022: The energy tax provisions you need to know about

​​​​​​​The Inflation Reduction Act of 2022 (the Act) runs 725 pages and includes numerous energy tax provisions aimed at enhancing US energy security. The Act, if enacted, would extend and expand the renewable and alternative...more

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