The use of the super bonus was “clearly higher than the estimates originally formulated in the technical reports of the measures that brought it on”. “Despite an initial estimate of nearly 10 billion years aimed at energy efficiency, subsidized jobs” reached “65.2 billion in total,” with a total of 72 billion tax breaks or credits. This was confirmed by Lilia Cavallari, head of the Parliamentary Budget Office (UPB), the independent body that performs control functions over public accounts, speaking at a hearing at the Senate Finance and Treasury Committee today as part of the fact-finding investigation. vehicles tax incentive.
In fact, official estimates expected a “total financial impact of 33.6 billion from 2020 to 2036″. approximately 1.5 billion” from higher revenues from impacts from higher investments. However, these estimates have been revised upwards such that total expenditure on construction subsidies (including facade bonuses, renovations, etc.) will now exceed 110 billion.
“Placing the full cost of the intervention without introducing selectivity elements into the total cost of the State created a significantly higher expense compared to previously subsidized energy requalification interventions,” said the Upb president, adding in 2020: 4.5 billion.” Estimates for the super bonus were instead “based on an official expenditure estimate of 35 billion for the entire validity period of the measure”. But as we know, they have been largely ignored by the facts.
In the 2021-2022 biennium, the super jackpot generated 1 point of GDP
The head of the UPB stressed that “the effects of the intervention on the Italian economy” are more difficult to assess. However, the “utilization” of “huge resources” has had significant macroeconomic impacts: Cavallari said the construction sector actually grew significantly in the 2021-22 two-year period, and even if it had to grow, more than that of other European countries. It should be noted that it is also driven by the non-residential component and public works.
According to national accounts data released yesterday, “in the last two years, the contribution of investments in residential construction to GDP growth was two percentage points,” he said. Therefore, “using the macro-econometric model used by the UPB, it is possible to reconstruct that half of the contribution can be directly attributed to the tax incentive”.
Doubled the resources for the South
Analysis conducted by the parliamentary budget office also shows “a significant change in the mass composition of super bonus beneficiaries compared to original building bonuses”. In particular, “the share of resources allocated to the South has more than doubled; the use of energy saving concessions in low-income municipalities has increased significantly, indicative of the less reactionary nature of the Super Bonus”.
Cavallari said, “A precise analysis of the energy savings results of the super bonus will allow the incentives to be directed to the interventions that are most efficient in terms of cost/benefit ratio. Moreover, in the perspective of rationalizing tax expenditures, a selective energy saving incentive measure is more efficient if provided through a spending program. and its effectiveness must be evaluated.
Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
