Solar power and wind energy

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The IRS has issued Notice 2022-61 (Notice) which imposes guidance around several new requirements to obtain the many energy efficient tax breaks extended by the Inflation Reduction Act (IRA). Requirements to pay prevailing wages and offer apprenticeship programs do not apply for projects that have “begun construction” within 59 days of the guidance released on Nov. 30, 2022.

In this video you’ll learn about the new guidance and how it may impact your project, including:

  • Prevailing wage and apprenticeship requirements
  • Establishing tax credit value
  • Safe harbor basics and continuity requirements
  • How tax credits are affected by prevailing wage
  • Understanding what “begun construction” means
  • Important deadlines to keep in mind to be deemed to have met prevailing wage requirements.

For more information or to learn how Baker Tilly specialists can help, reach out to your Baker Tilly professional or contact our team.

The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

Joel M. Laubenstein
Gideon Gradman
Baker Tilly Capital, LLC Managing Director
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Guidance on Form 8300