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Tax Pills

  • The tax credit for building renovation worth 110%, also known as Superbonus. In a Revenue’s new guide all you need to know

    superbonus

    Introduced by the so-called "Relaunch Decree", the tax incentive allows to offset the expenses incurred, from 1 July 2020 to 31 December 2021, for interventions carry out on single real estate units or on multi-family buildings, yet functionally autonomous and with one or more independent accesses from the outside. Furthermore, even the expenses on the common parts in condominiums can be offset. These are just some of the clarifications that can be found in the 110% Superbonus guide, accessible on the Revenue Agency website

    An astonishing two-way tax credit – Indeed, individuals can offset 110% of qualified building renovation and energy efficiency costs incurred against their tax liabilities in five equal installments (up to certain thresholds). Yet, they can also opt to convert the ordinary tax credits connected with qualified building renovation and energy efficiency costs into either a transferable tax credit or a discount of the relevant cost applied by the service provider. In the last case, the transferable tax credit is granted to the service provider.

    Allowed interventions and beneficiaries - The 110% Superbonus is primarily due to interventions aimed at increasing the energy efficiency of buildings and to anti-seismic works designed to reduce seismic risks. To these types of expenses, called "driving forces", are added other interventions, provided however that they are carried out jointly with at least one driving intervention.  Particularly, into this category of additional works can fall the installation of photovoltaic systems connected to the electrical network on buildings and columns for charging electric vehicles. As regards the beneficiaries, the natural persons who own or hold the property, the condominiums, the autonomous institutes of public housing (IACP), cooperatives of undivided home, non-profit organizations and registered amateur sports associations and clubs, but for the sole works dedicated to the changing rooms, can all access the Superbonus. The guide clarifies that also IRES subjects (and, in general, business or professional income holders) can access the Superbonus, but only in case of shared costs for driving interventions, carried out on common parts in condominium buildings.

    Stefano Latini

    URL: https://www.fiscooggi.it/tax-pills/articolo/the-tax-credit-for-building-renovation-worth-110-also-known-as-superbonus
  • The Relaunch Decree and the extraordinary new tax credit worth 110% of the expenses incurred for home energy renovations and anti-seismic interventions

    decreto rilancio

    On 19 May 2020, Italy's Law Decree n. 34, or so-called "Relaunch Decree", was published in the Official Gazette, therefore entering into force on the same day. Yet, even if immediately in effect, the Decree needed to be converted into law within 60 days from its publication to remain in force. Just today, the Decree has been definitely approved by the Senate in its definitive draft. Several amendments have modified the initial text, particularly in relation to the 110% superbonus, a fiscal measure tailored for sustaining the expenses, incurred from 1 July 2020 until 31 December 2021, relating to specific energy efficiency interventions and anti-seismic measures on buildings, included the realization of continuous structural monitoring systems for purposes earthquake resistant.

    The Decree in brief - The Relaunch Decree has introduced a third set of economic measures in response to the COVID-19 crisis, following the "Heal Italy Decree" - Law Decree n. 18/2020 -or “Cura Italia” and the "Liquidity Decree" - Law Decree n. 23/2020 – or “Decreto Liquidità”. Summing up, the Decree pledges an additional €55 billion in stimulus measures to help "relaunch" the Italian economy. The Decree provides for a multitude of incentives to families, workers and businesses. Yet, a central role is occupied by the new superbonus.

    The 110% tax credit for building renovation – In details, Article 119, modified during the examination by the Deputies Chamber, introduces a tax credit equal to 110% of the expenses relating to specific energy efficiency interventions and anti-seismic measures on building, incurred from 1 July 2020 until 31 December 2021. Basically, individual taxpayers can offset 110% of qualified building renovation and energy efficiency costs incurred, in the above-mentioned period, against their tax liabilities in five equal installments. Equally important, individuals can also choose to convert the ordinary tax credit connected with qualified building renovation and energy efficiency costs incurred in a transferable tax credit or, alternatively, in a discount of the relevant cost applied by the service provider. In the last case, the transferable tax credit is granted to the service provider.

    Last minute news on superbonus - With the conversion into law of the Decree, some important amendments were introduced by the Deputies Chamber, including the extension of the new 110% superbonus to second homes. Therefore, the superbonus may also be used for second single-family houses, third sector and amateur sports associations and clubs, limited to changing rooms, while luxurious homes, villas and castles are excluded. The amendment, in addition, extends the superbonus foreseen for earthquake and energy improvement interventions also to real estate units inside multi-family buildings that are functionally independent and have one or more independent entrances from outside. Finally, the superbonus has been also extended up to 30 June 2022 for energy efficiency interventions for public housing houses.

    Stefano Latini

    URL: https://www.fiscooggi.it/tax-pills/articolo/the-relaunch-decree-and-the-extraordinary-new-tax-credit-worth-110-of-the