President Joe Biden speaks about investing in clean energy manufacturing at CS Wind in Pueblo, Colorado.AP Photo/Andrew HarnikThe Biden administration unveiled a rule linking clean energy tax breaks to worker pay.Projects must hire apprentices and pay prevailing wages to qualify for increased tax breaks.The credits could boost clean energy job wages, helping close the pay gap with fossil fuel jobs.The Biden administration wants to ensure businesses are paying their clean energy workers well — and it's using a new tax break to push for it.The Treasury Department, alongside the Internal Revenue Service, announced a final rule on Tuesday that stipulates how clean energy projects can get their tax break from the Inflation Reduction Act multiplied by five by paying workers more."No developer will leave that money on the table," John Podesta, Senior Advisor to the President for International Climate Policy, told reporters.To qualify, projects have to hire registered apprentices, who are paid for their work and earn credentials while doing it, and pay the prevailing wage to their workers, a level of minimum pay generally set for workers on government contracts.
There's A Huge Pay Raise On The Way For Clean Energy Workers
insider@insider.com (Juliana Kaplan), Business Insider
Tue, 06/18/2024 - 5:45am
Topics: president joe biden cs wind pueblo colorado ap photo/andrew harnikthe biden treasury department internal revenue service inflation reduction act john podesta senior advisor international climate policy treasury secretary janet yellen american massachusetts amherst's political economy research institute 000.of sean mcgarvey north america's buildings trades unions business insider biden president mcgarvey huge pay clean energy workers tax fuel fossil industry rule wage wages projects average benefits prevailing administration applied hire qualify companies apprentices jobs paid workforce put people transition break told experience rules federal place
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