Weekly Legislative Update
December 12, 2022
Treasury and IRS Announce Guidance on Wage and Apprenticeship Requirements for Enhanced Credits / Deductions
The Treasury Department and Internal Revenue Service announced guidance providing taxpayers information on how to satisfy the prevailing wage and apprenticeship requirements for enhanced tax benefits under the Inflation Reduction Act. The guidance was published in the Federal Register.
Notice 2022-61 explains how taxpayers – generally builders, developers, and owners of clean energy facilities – receive the increased tax credits or deduction amounts by satisfying the wage and apprenticeship requirements as provided for in this notice. For instance, the notice provides guidance on what constitutes a prevailing wage and the determination of qualified apprenticeships with accompanying examples.
The publication of this notice on Nov. 30 in the Federal Register begins the 60-day period in which taxpayers must begin construction of a facility (or installation under the rules for expensing energy efficient commercial building property) to receive the enhanced tax benefits without satisfying the prevailing wage and apprenticeship requirements as described in this notice.
Finally, this notice provides guidance for determining the “beginning of construction” (and “installation” for purposes of the rules for deductions for the cost of energy efficient commercial building property placed in service during the tax year).
FY 2023 Appropriations Update
In September, Congress was unable to reach an agreement on a new funding bill for Fiscal Year 2023 and was forced to pass a Continuing Resolution (CR) maintaining funding for the government through Dec/ 16, 2023.
As Congress continues to negotiate a longer-term funding bill, TIA submitted a letter to the Chair and Ranking Member for the House and Senate Transportation and Housing and Urban Development Appropriations Subcommittees, urging them to fully fund highways at the levels authorized by the Infrastructure Investment and Jobs Act (IIJA). Additionally, the letter encouraged the Appropriators to include the Senate’s $1 billion investment in bridges for FY 23, and to include funding for increased Commercial Motor Vehicle (CMV) parking.
Reminder: DOL Independent Contractor Rule Comments Due Tomorrow
Just a reminder that comments for DOL’s Independent Contractor Proposed Rule are due on Dec. 13.
Please remember to submit comments on Regulations.gov.
Bhatt Nomination Advances
On Nov. 29, the Senate Environment and Public Works Committee (EPW) advanced the nomination of Shailen Bhatt to be the next Administrator of the Federal Highway Administration (FHWA) by a voice vote.
With his approval by the EPW Committee, Bhatt’s nomination now moves to the Senate floor where he awaits consideration of his nomination by the full Senate. We will keep members apprised of developments.
Thank you to our TopGolf Government Affairs Sponsors!
TIA organized a golf outing at TopGolf Las Vegas before GTE to benefit TIA’s government affairs efforts. We thank those who participated and to our event sponsors:
