New IRS Guidance for Beginning of Construction, Prevailing Wage, and Apprenticeship Requirements Under the IRA

IRS Notice 2022-61 and Qualifying for Enhanced Credit Amounts for ITC, PTC, and Carbon Capture

Note: CPE credit is not offered on this program

A live 90-minute premium CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Wednesday, February 8, 2023 (in 4 days)

1:00pm-2:30pm EST, 10:00am-11:30am PST

or call 1-800-926-7926
Course Materials

This CLE webinar will provide an analysis of new IRS Notice 2022-61 providing guidance for prevailing wage, apprenticeship, and beginning of construction requirements under the Inflation Reduction Act (IRA). The panel will discuss key provisions of the Inflation Reduction Act, and rules and requirements for qualifying for enhanced credit amounts for the production tax credit (PTC), investment tax credit (ITC), and carbon capture and sequestration credit in light of the IRA.

Description

On Nov. 30, 2022, the IRS issued Notice 2022-61 providing guidance on requirements to qualify for enhanced credit amounts for several clean energy tax credits. Counsel must understand the challenges and key considerations for the PTC, ITC, and carbon capture credit, as well as the impact on renewable energy developers, producers, and investors in light of new IRS guidance.

The IRA expands tax incentives for various renewable energy resources, reshapes how eligible renewable energy projects are financed, and monetizes new and expanded tax credits. The Act includes (1) modifications to ITC, PTC, and carbon capture credit requirements and limitations; (2) the inclusion of a "direct pay" option for tax credits under certain circumstances; (3) the inclusion of a tax credit transfer regime; and (4) a variety of new energy tax credits.

IRS Notice 2022-61 provides guidance on the prevailing wage requirements under Section 45(b)(7)(A) and the apprenticeship requirements under Section 45(b)(8). These items must be satisfied to qualify for enhanced credit amounts for the ITC under Code Sections 48 and 48E, the PTC under Code Sections 45 and 45Y, and the carbon capture and sequestration credit under Section 45Q under certain circumstances. In addition, the IRS also provides guidance concerning the beginning of construction requirements under the IRA.

Listen as our panel discusses new green energy tax incentives and requirements under the IRA, beginning of construction guidance, and qualifying for enhanced credit amounts for the PTC, ITC, and carbon capture and sequestration credit in light of the IRA.

READ MORE

Outline

  1. Impact of the IRA on renewables
  2. ITC, PTC, and carbon capture credit modifications
  3. Prevailing wage
  4. Apprenticeship
  5. Beginning of construction
  6. Key considerations and next steps

Benefits

The panel will discuss these and other key issues:

  • Extension and modifications to ITC, PTC, and other clean energy credits under the IRA
  • Prevailing wage requirements under Section 45(b)(7)(A)
  • Apprenticeship requirements under Section 45(b)(8)
  • New guidance for beginning of construction requirements
  • Key considerations and next steps for renewable energy developers, producers, and investors

Faculty

Kwok, Judy
Judy Kwok

Partner
Troutman Pepper

Mr. Kwok's practice focuses on all federal income tax aspects of investing in onshore and offshore wind, solar, and...  |  Read More

Loomis, Anne
Anne C. Loomis

Partner
Troutman Pepper

Ms. Loomis is a tax attorney and CPA with many years of experience in the energy industry. Her in-house experience with...  |  Read More

Attend on February 8

Cannot Attend February 8?

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

Download