Stop credit transfers, deductions spread over ten years (rather than four), and an extension for detached buildings that will have more time to take advantage of the 110%. These are some of the innovations brought to the super bonus by the law that transformed the Decree-Law of 16 February. The text passed the Parliament with 172 votes in favor, 114 against and one abstention. It is now awaited review by the Senate.
Let’s see all the news. It starts with the change about cuts. This, as foreseen above, provides the opportunity to receive a refund “in 10-year installments of equal amounts”, depending on the taxpayer’s choice, “starting from the 2023 tax period”. Not with shares only: Option only applies to “expenses incurred between 1 January – 31 December 2022”. What does all this mean? Let’s try to understand together.
What changes with the cuts?
The law in effect today (which is about to be amended) allows the super bonus to recover the amount invested for energy efficiency costs within four years (10 years instead for other bonuses). However, as the discount on the invoice stops, the “tax capacity” of the person who deserves the refund gains importance.
What do we want to say? Let’s take an example: In order to recover an expense of about 100,000 Euros in 4 years, it is necessary to have a gross income of about 75,000 Euros per year and pay a personal income tax of 25,000 Euros. If the Irpef capacity is lower, the refund will only be partially covered. But when it comes to super bonuses, we’re talking very high numbers. Let’s just say that the average expenditure for the efficiency of the villas is around 113 thousand euros. This means that only those with a fairly high gross income can deduct the entire amount due, while for those with a lower income the annual repayment will be only partial. In other words, part of the bonus will remain with the state.
With cuts spread over 10 years, the numbers remain high, but fall to more “human” levels: in this case, assuming a 100,000 Euro loan, even those with a 10,000 Euro per year tax capacity will be able to recover. all expenses incurred.
Returning to the decree approved by the Chamber, the amendment regarding the deductions ensures that this facility is only available to those running the business in 2022 and starting with the 2023 tax period. ) and can only be used in the declaration to be submitted in 2024. So it will have to be inactive for a year.
End of loan transfer and extension for villas
The decree later approved the suspension of the credit transfer and the reduction in the invoice received on February 17. However, there are some exceptions regarding work to remove architectural barriers, public housing institutions (Iacp), non-profit organizations and the third sector, and buildings affected by seismic events.
Another important innovation is related to single-family units. The decree gives the green light to extend it until 30 September 2023 for those who have completed at least 30% of the work by the same date in 2022. 110%.
Credits and sales converted to BTP in 2022
That’s not all. On the tax credits front, there is also news for banks, financial intermediaries and insurance companies that are depleting their tax capacity. These individuals will be offered the opportunity to use loans to subscribe to long-term treasury bills (BTP) issuances for ten years and save up to 10% of the loans annually. The measure applies to responses up to 2022 and it should be noted that the first use can be made in relation to emissions from 1 January 2028.
Another innovation of the transformation law is that those who do not sign the transfer agreement until March 31 to save 2022 transfers will be able to notify the Revenue Administration with the so-called “bonus discount”: or, on 30 November, by paying a 250 Euro fine.
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.
