The maneuver is law. Work, taxes, family support: all measures

The Chamber definitively approved the budget law with 200 yes votes, 112 no votes and 3 abstentions. The measure, which leaves the second reading without having been modified – and without a vote of confidence – after approval in the Senate, is now law. The maneuver is worth around 24 billion, which rises to 28 with the addition of the first decrees implementing the fiscal delegation, it is financed with an extra deficit of 15.7 billion combined with the increase in tobacco taxes and a review of expenses of ministries and transfers to local authorities. For the coming years, the text also outlines the scenario of a possible rationalization of state shares, from which up to 20 billion could be raised.

The most important provision is the extension to 2024 of the reduction in tax burden and contributory for income up to 35,000 euros. To counter the wave of inflation, linked to the international situation between the war in Ukraine and the conflict between Israel and Hamas, the government chose the path of temporarily relieving the tax burden on workers with low-middle incomes, leaving around 100 more euros per month on your pay slip. At the same time, the beginning of tax reform reduced the brackets to three Irpef. The Bank of Italy estimates an average benefit of 600 euros per family.

Among the most significant provisions of the maneuver are the allocation of 3 billion euros to start the renewals of public employment contracts, with priority for the health and safety sectors, and the allocation of more than 3 billion additional euros for the health fund. The rapporteurs’ amendments also introduced additional funds for military and police salary supplements. The choice to increase the dry rate for short-term rentals from 21 to 26% with the exception of a home chosen by the owner for those who own several properties has generated debate. The measurements are also different support for large families and birth rates between credit concessions for the purchase of a house and tax benefits for hiring women with several children. Rai’s license fee is reduced from 90 to 70 euros for 2024. 15 million were allocated for the Caivano area and 100 to combat housing difficulties.

What triggered the dispute between the majority and the opposition over the budget law were mainly the provisions relating to pensions and the Estreito Bridge. After long mediation, the government decided not to touch the retirement pensions of doctors, local authority staff, teachers and bailiffs. There are no cuts even for those who decide to retire by December 31st of this year. Subsidy reductions will instead be triggered for early retirements. For a global reorganization of the sector we will have to wait for the next few months, the issue remains on the government’s table given the progressive aging of the country in the face of a birth rate at its lowest levels, awaiting a global reform of Social Security. For the connection between Messina and Villa San Giovanni, the plan foresees an investment of 11.6 billion spread between 2024 and 2032 with disbursements increasing over the years. During the parliamentary process the composition of the budget was remodulated: 9.3 billion will be paid from the State Budget – pending the identification of sources of financing other than the State – while the rest of the resources will come from the Cohesion Fund and the Regions of Sicily and Calabria. With the ‘treasury’ of 100 million at the disposal of parliamentarians, the majority increased the fund for Alzheimer’s and dementia by 5 million euros, providing for new SOS columns to be positioned in busy places such as stations, parks, sports facilities. Having also won the title of Italian Capital of Contemporary Art, the selected city will be financed annually with 1 million euros for requalification interventions. The opposition chose instead to focus 40 million euros on common amendments, also supported by the majority, for initiatives against violence against women: from freedom incomes to anti-violence centers. There is no room for maneuver for a mini extension of the Super bonus 110%, which arrived with an ad hoc decree. The provision, launched yesterday by the Council of Ministers, protects jobs held until December 31st of this year and safeguards less well-off families.

Among the support for less favored economic groups, the maneuver foresees refinancing for 2024 with 600 million euros of ‘Dedicated to you’ card for the purchase of basic necessities. Remains in effect for the first three months of next year electric social bonus. To support the purchase of home for large families, priorities are introduced in access to credit for families with three children under 21 years of age and an ISEE not exceeding 40,000 euros per year, for those with four children under 21 years of age and an ISEE not exceeding 45,000, for who has five or more children and an ISEE not exceeding 50,000. Extended until 2024 mortgage guarantees of under 36s to encourage more young people to buy their first home. By the end of next year, companies will have to take out insurance to cover damage caused by natural disasters and catastrophic events. On the social security side, the tax relief for productivity bonuses of 5% and the limit of up to 2,000 euros for additional benefits for workers with dependent children, up to 1,000 euros for all others, are confirmed. Incentives for hiring unemployed women are also planned for 2024. Tax relief is also coming for workers in the night and holiday tourism sector. Companies and productive activities that return to invest in Italy will have preferential taxation: a 50% reduction in income tax. The exemption applies in the tax period in which the transfer occurs and in the following 5 years. For the planning and construction of functional works for the Jubilee of 2025, just under 400 million are allocated between 2024 and 2026.

Source: IL Tempo

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