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Discover the untapped potential of your clean energy tax incentives with our holistic prevailing wage and apprenticeship (PWA) services. Complying with PWA requirements drives the difference between a 30% and 6% credit - is your company capitalizing on the increased credit opportunity?
Our specialists can provide in-depth education on the rules, establish highly effective compliance programs, and leverage cutting-edge technology to streamline the entire process.
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Prevailing wage and apprenticeship compliance services
Marc Caillouet discusses how overcoming challenging administrative burdens and data issues is key to complying with the complex rules.
Significant benefits are available under the Inflation Reduction Act (IRA)
The IRA makes several clean energy tax incentives available to taxpayers that can satisfy certain prevailing wage and apprenticeship requirements. In general, a taxpayer that meets the prevailing wage and apprenticeship requirements will multiply the base amount of the tax incentive (credit or deduction) by five. Increased credit and deduction amounts are available for taxpayers satisfying prevailing wage and apprenticeship requirements under the following sections of the Internal Revenue Code: Sections 30C, 45, 45Q, 45V, 45Y, 45Z, 48, 48C, 48E, 179D; prevailing wage only: Sections 45L, 45U).
What are the prevailing wage and apprenticeship requirements?
The taxpayer/contractors/subcontractors must 1) pay workers constructing, altering, or repairing facilities prevailing wages, as set by the Department of Labor (DOL), for similar work in that location and 2) an applicable percentage of total labor hours must be performed by qualified apprentices, subject to DOL or state apprentice-to-journeyworker ratios; if four or more workers are employed, at least one must be a qualified apprentice.
The challenges of complying with PWA regulations
Education – getting all the stakeholders up to speed on the nuances of the rules and how to comply
Conformance – making sure worker classifications map into published categories appropriate for your project
Collection – getting timely information from numerous sources on a regular basis
Analysis – identifying issues early and taking action to resolve them
Reporting – documenting evidence to claim the credit on the tax return and support future audits
Technology - managing data requests and project status, giving quick insights and detailed reports
Our prevailing wage compliance services:
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PwC's Prevailing Wage and Apprenticeship Compliance Services
Our unique technology can help make the process more efficient
We believe innovation, creativity, and passion are needed everywhere for making progress on the world’s most important problems. We use our enterprise cloud application, Global Incentives Solutions, to help manage the collection of info. Global Incentives Solutions is a mature platform with numerous external users and incentives clients globally.
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