Treasury Seeks Input on Credit Enhancements Under the IRA When Meeting Prevailing Wage and Apprenticeship Requirements

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The U.S. Treasury and the Internal Revenue Service have issued Notice 2022-51 seeking taxpayer comments regarding specific provisions of the Internal Revenue Code, as amended or added by the Inflation Reduction Act of 2022 (IRA). The Notice marks a critical first step in the formal process of implementing this legislation.

Notice 2022-51 requests comments on how taxpayers may qualify for increased credit or deduction amounts if prevailing wage and apprenticeship requirements are satisfied, bonus credit amounts if specific domestic content requirements are met, or increased credit for investment in energy communities.

Comments received in response to this Notice will help to inform the development of guidance implementing the provisions of the IRA. Therefore, those interested in providing feedback should follow the instructions in the Notices and reply as soon as possible, ideally by November 4, 2022. This is a link to the Notice; https://www.irs.gov/pub/irs-drop/n-22-51.pdf.