KPMG report: Final regulations on prevailing wage and apprenticeship requirements under clean energy tax incentives
A summary of the rules and observations of the final regulations on prevailing wage and apprenticeship requirements under clean energy tax incentives.
Final regulations on prevailing wage and apprenticeship requirements
The U.S. Treasury Department and IRS on June 18, 2024, issued final regulations on prevailing wage and apprenticeship (PWA) requirements under the Inflation Reduction Act of 2022 (IRA). These PWA requirements must be satisfied for taxpayers to qualify for increased credit or deduction amounts under the IRA.
In addition to these final regulations, the IRS released or updated the following publications and “frequently asked questions” (FAQs) to help taxpayers comply with the PWA requirements:
- Publication 5983, IRA Prevailing Wage and Apprenticeship Requirements Fact Sheet
- Updated Publication 5855, IRA Prevailing Wage & Registered Apprenticeship Overview
- Prevailing wage and apprenticeship FAQs
Read a July 2024 report prepared by KPMG LLP providing a summary of the rules and observations of the final regulations
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