By: Betsi Barrett | 12/06/22
On November 30, 2022, the Internal Revenue Service (IRS) issued Notice 2022-61, providing guidance on the prevailing wage and apprenticeship requirements that apply to Section 179D and Section 45L, as amended by the Inflation Reduction Act of 2022.
There are three key areas addressed in the Notice:
The IRS anticipates issuing proposed regulations and other guidance with respect to the prevailing wage and apprenticeship requirements.
It is our recommendation for clients who have projects that are starting soon to ensure that construction/installation commences prior to January 30, 2023 in order to benefit from the maximum increased deduction of up to $5.00/sq ft without having to comply with the prevailing wage and apprenticeship requirements.
If you have questions or would like more information, please contact Betsi Barrett by calling 770-396-2200.
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