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IRS Guides On Enhanced Tax Benefits

Guidance arrowsGuidance arrowsThe Internal Revenue Service has issued guidance on meeting prevailing wage and apprenticeship requirements for enhanced tax benefits under the Inflation Reduction Act.

Notice 2022-61 explains how taxpayers such as builders, developers, and owners of clean energy facilities receive increased tax credits or deduction amounts. This includes guidance concerning what constitutes a prevailing wage and determination of qualified apprenticeships.

Publication of the notice in this week’s Federal Register began the 60-day period in which taxpayers must begin construction of a facility or installation under rules for expensing energy efficient commercial building property

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