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The IRS has published a notice that will start the clock on the 60-day period respect to the applicability of the prevailing wage and apprenticeship requirements under numerous provisions of the Inflation Reduction Act of 2022 (the IRA). For a taxpayer to avoid application of the prevailing wage and apprenticeship requirements of the IRA, it must begin construction of a project before the 60th day after the issuance of such guidance (that is, within 59 days of the issuance of such guidance).
The Notice sets forth rules on how to satisfy the prevailing wage requirements and the apprenticeship requirements. It also describes the beginning of construction rules and extends existing rules to other credits. Stay tuned for a more fulsome update.
The Notice can be found at this link.
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