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ARTICLE · 21 SEPTEMBER 2023

IRA Prevailing Wage And Registered Apprenticeship Guidelines

Flaster Greenberg PC
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On August 29, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released proposed regulations implementing the Prevailing Wage and Registered Apprenticeship provisions...

United StatesTax
Daniel B. Markind
Daniel B. Markind

On August 29, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released proposed regulations implementing the Prevailing Wage and Registered Apprenticeship provisions of the Inflation Reduction Act of 2022 (IRA). In addition, the IRS also posted an FAQ on its website addressing the topic. A public hearing on the regulations is scheduled for November 21, 2023, and the public will also have an opportunity to submit comments on the proposed regulations prior to their being finalized. For public institutions and instrumentalities such as commercial service airports, these provisions are important as they can increase the tax benefits available for clean and alternative energy-related projects. Thanks to the Direct Payment Option, these benefits can be available to the not-for-profit municipality and/or Sponsor of the airport should it decide to own the project itself.

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