King & Spalding – The IRS issued proposed regulations on August 29, regarding increased credit or deduction amounts available under the Inflation Reduction Act of 2022 for taxpayers satisfying the prevailing wage and apprenticeship requirements with respect to certain energy projects.
The proposed regulations follow initial IRS guidance on the prevailing wage and apprenticeship requirements issued in November 2022 and the final rule, “Updating the Davis-Bacon and Related Acts Regulations,” issued by the Department of Labor on August 8, which set forth rules for the administration and enforcement of the Davis-Bacon labor standards that apply to federal and federally assisted construction projects. Both the IRS proposed regulations and the DOL final rule provide helpful guidance regarding the specific requirements to comply with the prevailing wage and apprenticeship requirements.
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