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Politics & Policy
US House Introduces Resolution Opposing DOL’s New Davis-Bacon Rule
ABC Slams OSHA’s Worker Walkaround Rule for Failing to Promote Workplace Health and Safety
State Off-Year Elections Deliver Losses To GOP Heading Into 2024
Safety
Utilize Software To Achieve Your Safety Goals
OSHA Extends Comment Period on OSHA Walkaround Proposed Rule to Nov. 13
ABC Expresses Serious Concerns to Congress About OSHA Worker Walkaround Rule
Events/Products/Programs
Nearly 350 ABC Leaders Gather in Washington for Annual Legislative Conference
ABC Members Rank Among ENR’s Top 400 Contractors
Trades Day: Industry Outreach Opportunity With Meaning
State/Local News
Ed Capodanno Honored by Delaware State Legislature
Election Update: ABC Staff and Members Elected in 2022
California Targets Workplace Cannabis Testing
Awards
ABC Congratulates 30 Members Awarded DOL’s 2023 HIRE Vets Medallion
ABC Honors 3 New Applicants With the AQC Credential in October
Graham Roofing Earns the AQC Credential in September
Legislation
ABC-Supported Legislation To Overturn the Northern Long-Eared Bat’s Endangered Species Listing Heads to President Biden’s Desk
ABC Advocates for Solutions to Workforce Shortage at U.S. House Committee Roundtable
Smucker Introduces the ABC-Supported Main Street Tax Certainty Act
Regulations
NLRB Extends Effective Date of the Joint Employer Final Rule to Feb. 26, 2024
DOL’s Unlawful Proposed Overtime Rule Will Disrupt Construction Workers’ Workplace Flexibility
ABC’s November Regulatory Roundup—Learn About the Latest Developments Affecting the Construction Industry
Workforce Development
Register Now for ABC’s Construction Inclusion Week Webinar Series
DOL High Road Workforce Development Program Map Snubs Nonunion Programs
LISTEN: How to Design an Effective Technology Adoption Strategy
On May 12, the U.S. Department of the Treasury and Internal Revenue Service released additional guidance on the Inflation Reduction Act’s domestic content bonus tax credits, which are in effect for all taxable years ending after May 12, 2023. The guidance may be relied upon by taxpayers for all construction that begins prior to the effective date of forthcoming proposed regulations.
The ABC-opposed Inflation Reduction Act was signed into law on Aug. 16, 2022, and provides over $270 billion in tax credits for the construction of solar, wind, hydrogen, carbon sequestration, electric vehicle charging stations and other clean energy projects. Specifically, Subtitle D-Energy Security of the IRA grants developers/taxpayers a bonus tax credit five times greater than a baseline tax credit of 6% conditioned on requirements that project contractors meet prevailing wage and government-registered apprenticeship program utilization requirements outlined in the legislation and IRS guidance.
The May 12 guidance states that taxpayers may receive another 10% tax credit increase for meeting domestic content requirements. All steel and iron on a project must be 100% produced in the United States to meet this requirement. Additionally, between 40% to 55%, depending on project type and the year construction begins, of the total cost of other components and subcomponents used on the project must be attributable to components that are mined, produced or manufactured in the United States in order to receive this bonus. The IRS previously requested comments on these requirements, and ABC provided feedback regarding industry concerns about supply chain issues and cost increases that may be caused by these domestic content requirements in comments to Treasury and the IRS.
For more information and resources on compliance with the IRA’s requirements, please visit ABC’s new website, abc.org/ira.
If you have questions that are not answered on the website or in Treasury/IRS guidance, ABC is here to help. Please email [email protected] and ABC subject matter experts will work to answer your question or reach out to Treasury/IRA for clarification.