Prevailing Wages May Not Apply to Farmers

  • Agribusiness
  • 8/21/2022

We provide an update from last week's post on prevailing wage requirements. It likely does not apply to many farmers.

In our post from last week we indicated to get the maximum 30% tax credit for qualifying projects that you needed to pay prevailing wages and have a registered apprenticeship program. After reading the Act in even more detail, it appears that these requirements do not apply to any facility with an output less than 1 Megawatt which is a large facility.

Therefore, almost any qualifying project that a farmer might do will qualify for the full 30% investment tax credit. However, many farmers invest in certain projects that might have these requirements.

We wanted to get this clarification out as soon as possible.

Also, many of these programs will need guidance from the appropriate governmental authority. As that guidance is issued, we will provide an update.

This blog contains general information and does not constitute the rendering of legal, accounting, investment, tax, or other professional services. Consult with your advisors regarding the applicability of this content to your specific circumstances.

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