the amount chargeable to a capital account for the taxable year for such costs shall be reduced by the amount of such excess. . (2) The table of sections for subpart D of part IV of subchapter A of chapter 1, as amended by the preceding provisions of this Act, is further amended by adding at the end the following new item: Sec. 45V. Labor costs of installing mechanical insulation property. . (d) Effective date The amendments made by this section shall apply to amounts paid or incurred after December 31, 2020, in taxable years ending after such date. 503. Labor standards for certain energy jobs (a) Department of labor certification of qualified entities (1) Definitions In this subsection— (A) Applicable construction project The term applicable construction project means, with respect to any entity— (i) the construction of any dwelling unit referred to in section 45L(a)(3) of the Internal Revenue Code of 1986, (ii) the installation of any qualified energy property described in section 48D(a)(1) of such Code, (iii) the installation of any qualified property referred to in paragraph (2) of section 48D(a) of such Code as part of the construction of any qualified investment credit facility described in such paragraph, and (iv) the installation of any energy efficient commercial building property (as defined in section 179D(c)(1) of such Code). (B) Covered project labor agreement The term covered project labor agreement means a project labor agreement that— (i) binds all contractors and subcontractors on the construction project through the inclusion of appropriate specifications in all relevant solicitation provisions and contract documents, (ii) allows all contractors and subcontractors to compete for contracts and subcontracts without regard to whether they are otherwise a party to a collective bargaining agreement, (iii) contains guarantees against strikes, lockouts, and other similar job disruptions, (iv) sets forth effective, prompt, and mutually binding procedures for resolving labor disputes arising during the