Following the abolition of the Superbonus, the Meloni government collects taxes from those who benefit from building bonuses. In 2024, the famous incentive will be different from what we know. Those who expected the 110 percent extension were disappointed by the problems that arose, while those who managed to benefit from the measure in 2023 found themselves facing a potential additional tax. The timing is remarkable: Today is October 31, 2023, the last day of the request for a 110 or 90 percent reduction, the text of the Meloni government’s fiscal maneuver is revealed; There is a rule in this text that makes Superbonus taxable and increases sales taxes. The advantages of the pre-renovated house are enjoyed with some exceptions: let’s see how it works.
Super Bonus tax from 2024: how does it work?
So, after abolishing the Superbonus, the Meloni government taxes it. The deduction for renovating a home increased from an initial 110 percent to 90 percent in 2023; This rate will decrease further to 70 percent in 2024. Now the famous discount on home improvements can be taxed. The tax will cover the sale of a property, particularly any capital gains made on that property.
As a rule, the law on real estate capital gains contained in the Consolidated Income Tax Code in force today provides that anyone who sells their home must pay a 26% tax on the capital gain obtained, instead of Irpef. a portion of the proceeds compared to the purchase value. You can only be exempt from tax in three cases:
- For inherited properties;
- If the sale takes place at least 5 years after the date of purchase;
- If the home was the primary residence of the person selling it for “most of the period” between purchase and sale;
In all other cases you pay 26% of the profit made. Superbonus cash has now been added to the 2024 budget. Letter a of the 2nd paragraph of Article 18 of the budget law determines the “hypothesis of taxable capital gains from the sale of properties in which the transferor or other entitled parties carry out interventions facilitated by the so-called interventions.” super bonus […]”Including those built on detached real estate units and common parts of condominium buildings, the completion of which was completed no more than 10 years ago at the date of transfer.”
Translation: If a house is resold with Superbonus ten years before the works are completed, a capital gain of 26% will be calculated, taking into account the greater value arising from the renovation works. First homes or properties inherited are tax-free. Additionally, paragraph 3 includes the provision “those relating to right-granting interventions for the purpose of determining capital gains”.
Super Bonus with a subsidy of 110 percent, where the beneficiary uses the credit transfer or invoice discount options applied by the supplier.
31 October 2023: Last day of Superbonus
Today, Tuesday, October 31, 2023, is the last day to claim the Super Bonus. In fact, an application must be made to qualify for a deduction of 110% or 90% of expenses incurred for energy efficiency or seismic interventions in renovation works. You can benefit from the incentive as a deduction for 4 years. The benefit was initially assumed to be 110% of the expenditure, later moving to 90% for interventions carried out from January 1, 2023.
The decree of the Ministry of Economy and Finance, published in the Official Gazette at the end of August, set “limits” on the measure that the Meloni government abolished due to high costs in public finances. First of all, the bonus is reserved for natural persons who own property or have actual usage rights, with an ISEE income of less than 15 thousand Euros. Secondly, the discount is valid for expenses incurred between 1 January 2023 and 31 October 2023 on energy efficiency interventions, earthquake bonuses, photovoltaics and charging stations for electric vehicles as part of the Superbonus; however, these expenses do not exceed 10% of the total deductible expenses. discount.
In addition, a third restriction regulates that expenses deductible by 90% up to the maximum amounts determined for various interventions may be subject to a contribution of up to a maximum of 96 thousand euros. The amount of the requested contribution will therefore be equal to 10% of the eligible expenses incurred by the applicant and a maximum of 9,600 euros.
The accrued bonus amount will be determined according to the number of applications made until October 31, and the distribution percentage will be notified by the Revenue Administration by November 30, 2023. Payment of contributions will be made by crediting the beneficiaries’ current accounts. will be specified in the application.
The government allocated 20 million euros for this measure. What if the funds are not enough? In this case, there are two alternatives: If demands exceed the available amount, the contribution will be allocated in reduced percentages, but never less than 10%. If resources are not enough to meet even 10% of the requests, beneficiaries will continue to receive the request in chronological order. Finally, it should be noted that the verification of cadastral revenue is also included in the budget: After the studies, the Revenue Administration will verify whether communication has been made for the purpose of calculating the new estimate.
There are other details that are certainly overshadowed in the new budget law, but are no less important. Here they are listed in the special section of Today.it for the 2024 maneuver.
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.
