The U.S. Treasury Department and Internal Revenue Service (IRS) have recently issued proposed regulations concerning the prevailing wage and apprenticeship requirements per the Inflation Reduction Act of 2022. More details can be found here.
The drafted regulations adopt the Department of Labor’s published rates for prevailing wages pertinent to the type of construction within the geographical locale of the project. These regulations are aimed at providing additional guidance delineating the good faith exception to the qualified apprenticeship requirement, an aspect initially outlined in IRS Notice 2022-61.
This development progresses the implementation of the new legislation enhancing wage assurances for construction workers on federally funded projects, as well as advancing the defined apprenticeship standards. It serves to foster a stronger framework for labor compliance in line with the current policies.
Accordingly, it is crucial for legal professionals, especially those handling labor and employment matters, to familiarize themselves with these updates and their implications on both domestic and international scales.