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ARTICLE · 23 SEPTEMBER 2024

Understanding IRS Credits, Regulations & Compliance

Jones Walker LLP
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It is important that no party (a project owner, contractor or subcontractor) assumes that the counterparty to the construction contract will assume responsibility for compliance with these proposed regulations.

United StatesReal Estate and Construction
Shawn Daray
Shawn Daray
Marisa Del Turco
Marisa Del Turco

The Inflation Reduction Act of 2022 (IRA) aims to incentivize companies to implement a number of goals. Among other objectives, goals include building additional infrastructure, manufacturing equipment needed to strengthen domestic supply chains, reducing energy costs and greenhouse gas emissions, increasing the number of available jobs, and paying wages not less than the prevailing rates for workers' efforts.

In particular, the IRA incentivizes the development of clean energy jobs within the U.S. by incorporating specific wage and labor requirements.

On June 18, 2024, the Internal Revenue Service (IRS) released final regulations that clarify the rules under which renewable, or "clean," energy projects may be eligible to receive a 30% investment tax credit if the project meets specific prevailing wage and apprenticeship requirements. While most of this tax credit will go to project owners, much of the responsibility for ensuring compliance with these new

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