AGC of America is also offering a two-part educational webinar series (October 3rd at 2:00 PM ET) on the Latest Developments with the Inflation Reduction Act (IRA) and one specific to comply with the prevailing wage and apprenticeship requirements in light of the new Treasury Guidance
Tax incentives from the Inflation Reduction Act (IRA) for clean energy and energy efficiency projects have a bonus 5x multiplier when prevailing wage and qualified apprenticeship requirements are met. Federal contractors are accustomed to complying with Davis-Bacon requirements for prevailing wages, but for the first time ever, these are being extended to privately financed construction projects. In light of new guidance from the U.S. Treasury Department, this webinar will review the compliance requirements that contractors must meet, best practices, and recordkeeping recommendations.
New Build America, Buy America Act (BABA) requirements take effect on federal-aid construction projects awarded on or after October 23. These domestic iron, steel, manufactured products, and construction materials sourcing requirements will impact state or local agency-procured construction projects with one dollar of federal financing (e.g., federal-aid transportation, water and wastewater, affordable housing, broadband, etc.).
This webinar is designed to give covered federal prime and subcontractors a more detailed understanding of what changes were made in the final rule and to help prepare themselves as they work towards compliance, especially with the October 23 effective date looming.