Under the Inflation Reduction Act, clean energy construction projects must satisfy several labor requirements to receive full tax credit amounts. Qualifying projects must provide a prevailing wage to employees and contractors during the first five-year period a project is placed into service. The law also stipulates a minimum threshold (10% in 2022, 12.5% in 2023 and 15% in 2024) for the percentage of work performed by qualified apprentices. Penalties for violating these rules may be severe. However, the rules won’t be in force until 60 days after the U.S. Treasury Department issues public guidance, and it isn’t expected until early 2023. Contact us about how to proceed in the meantime. Call or visit our website for more information! www.mjscpa.com/
