If you’re in the heavy-asset sector and closely monitoring the Inflation Reduction Act (IRA), you're in good company. Many businesses are eager to unlock a potential 30% IRA tax credit by meeting prevailing wage and registered apprenticeship requirements.
Every day, news emerges about how the Advanced Energy Credit Program or IRA section 48C(e) will drive the energy transition from fossil fuels to renewables. The scope is vast—from the 400,000 jobs being created from the EV, battery, and clean energy projects to the intricate details of the tax credits based on Buy America.
A prevailing consensus? By 2050, the IRA will significantly greenify the U.S. energy landscape. The U.S. Energy Information (EIA) Annual Energy Outlook (AEO 2023) projects U.S. energy-related CO2 emissions will drop 25% to 38% below the 2005 level by 2030.
The IRA’s purpose is clear: inject billions into clean energy, amplify tax revenues, and reduce healthcare costs. To learn more, dive into the key takeaways below in our infographic, spotlighting the IRA's capability to invigorate the green energy landscape.
Maximize Your Benefits with myTrack
Independent audit, tax, and advisory firm Grant Thornton foresees stiff competition for the tax credits, anticipating another allocation round in 2024. They believe the rules surrounding the prevailing wage and apprenticeship requirements mean you will need to confirm actual compliance by maintaining and preserving significant records.
Questioning how to verify adherence to wage and apprenticeship criteria for the 48C(e) tax credit? myTrack streamlines this process, automating time-logging and validating your apprenticeship ratios.
In addition, customers can request Management Controls to build a custom dashboard/report that contains wage-rate benchmarking to simplify the process of applying for the program. The dashboard can also show the ratio of apprentices you use versus more seasoned journeymen.
With a 30-year-plus history, Management Controls’ Track platform is used in more than 300 industrial sites in industries that include construction, oil and gas, metals and mining, pulp and paper, chemicals, utilities, and more. The system eliminates manual, paper-based timesheets and processes and enables real-time visibility into your contractor workforce, including skill qualifications.
Don't miss out on substantial incentives. Discover how Management Controls can be your key to a potential 30% IRA tax credit. Click here to learn more.
