IR-2022-208: Treasury and IRS announce guidance on wage and apprenticeship requirements for enhanced credits / deductions

IRS Newswire November 29, 2022
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2022-208 Inside This Issue Treasury and IRS announce guidance on wage and apprenticeship requirements for enhanced credits / deductions  WASHINGTON — The Treasury Department and Internal Revenue Service today announced guidance providing taxpayers information on how to satisfy the prevailing wage and apprenticeship requirements for enhanced tax benefits under the Inflation Reduction Act.  The guidance will be published in the Federal Register tomorrow. Notice 2022-61 explains how taxpayers – generally builders, developers, and owners of clean energy facilities – receive the increased tax credits or deduction amounts by satisfying the wage and apprenticeship requirements as provided for in this notice.  For instance, the notice provides guidance on what constitutes a prevailing wage and the determination of qualified apprenticeships with accompanying examples. The publication of this notice in tomorrow's Federal Register begins the 60-day period in which taxpayers must begin construction of a facility (or installation under the rules for expensing energy efficient commercial building property) to receive the enhanced tax benefits without satisfying the prevailing wage and apprenticeship requirements as described in this notice. Finally, this notice provides guidance for determining the "beginning of construction" (and "installation" for purposes of the rules for deductions for the cost of energy efficient commercial building property placed in service during the tax year). Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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