Management Controls Inc. (MCI), a global provider of contractor data and spend management software, is helping its customer base utilize the Inflation Reduction Act’s 48C(e) tax credit with its MyTrack Platform. MyTrack automates time tracking and can show the percentage of apprentices companies have on hand, helping companies confirm they meet initial prevailing time and apprenticeship requirements to qualify for the 48C(e) tax credit.
The Inflation Reduction Act (IRA) provides $500 billion in new spending and tax breaks to boost clean energy, increase tax revenues and reduce healthcare costs. IRA section 48C(e), the Advanced Energy Project Credit Program, was established to ensure that the Davis-Bacon Act prevailing wages are paid to workers on qualifying projects and registered apprenticeships are utilized. This program will provide an investment tax credit of up to 30% of qualifying investment projects.
Using existing Track data, customers can request MCI assistance with providing the data that contains wage-rate benchmarking to simplify the process of applying for the program. The information can also show the ratio of apprentices used versus more seasoned journeymen.
“The IRA is opening up so many opportunities for companies across the industries we work with, but navigating the initial guidance and gathering the data to qualify for relevant credits can be a difficult undertaking for their finance teams. That’s where Management Controls can help,” said Ken Naughton, president of Management Controls. “Meeting the IRA criteria is table stakes for MyTrack and Track. We can produce and automate this information flow to the appropriate parties.”
