Last days for those under the age of 36 to benefit from a tax deduction on their first home purchase. In fact, exemptions for registration tax, mortgage and title deed taxes, VAT reduction and replacement tax exemption have been provided in 2024. for mortgages. The concessions have been in force since May 2021 and were introduced by law 73/2021. With the new 2024 budget law, these are effectively abolished. The new budget actually only approves measures regarding first home mortgages, and these measures have also been expanded with the introduction of support for large families at the parliamentary debate stage. However, it does not cover remaining benefits associated with financing and acquisitions.
The measures concern people under 36 years of age with a family ISEE of less than 40 thousand euros. There are some benefits to doing the deed for them for a few more days. These incentives will effectively expire as of January 2024
Which? First of all, exemption from “registration tax, mortgage and title deed taxes”. However, if these are purchases subject to VAT (such as sales made by construction companies within five years after the completion of construction), production is made in their favor in addition to exemption from registration, mortgage and cadastral taxes. Non-refundable tax credit for buyers under 36 years of age “in an amount equal to the value added tax paid in respect of the purchase.”
There is also exemption from replacement tax for loans granted to individuals for the purchase, construction and renovation of properties for residential use, as well as registration, stamp duty, mortgage and cadastral taxes, and taxes on state privileges.
All of these will expire on December 31st. It was precisely the 2023 Budget Law that made the final postponement, and the deadline of December 31, 2022 was brought forward by one year. Some news can only come with Milleproroghe. Although this provision does not include rules that impose new burdens on the public budget.
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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.
