The Chamber approves the new superbonus decree: here's what it provides

With 172 votes in favor, 114 against and one abstention, the Chamber of Deputies approved the new decree law on tax credits deriving from the superbonus and other building bonuses. The measure, which now goes to the Senate for the second reading, provides for the extension to 30 September 2023 for the 110% superbonus for work carried out on houses and single-family houses, the possibility of still taking advantage of the discount on the invoice and the transfer of credit for work carried out in seismic areas and in the territories of the Marche region affected by flooding, for the elimination of architectural barriers, for interventions on social housing buildings and non-profit organizations. For banks, the possibility of converting the credits purchased into ten-year BTPs, if they have exhausted the tax space for offsets.

To put a stop to the increase in credits related to building bonuses, now difficult to dispose of, the decree prohibits the possibility of taking advantage of the discount on the invoice or the assignment of credit for expenses incurred for new interventions of recovery of the building heritage, energy efficiency, superbonus, facades. However, the possibility remains for the owner of the property to take advantage directly of the tax deduction. In the same decree approved by the CDM, however, some exceptions to the prohibition have been provided, as in the case of works with the superbonus for which the Communication of the start of work (Cila) has already been presented or, in the case of condominiums, the shareholders' resolution has also been adopted.

Several new extensions were introduced during the examination at Montecitorio:

Villas and single-family houses: extension to 30 September 2023 of the building superbonus at 110% in the event that 30% of the works have been carried out by 30 September last year.

Free construction: for works that do not require permits or other qualifications, it will be possible to continue to take advantage of the discount on the invoice or the assignment of the credit for expenses incurred for interventions for which no advance payments have been paid on 17 February 2023 (date of entry into force of the decree), against a self-certification by the transferor of the credit and by the transferee certifying the start of the works before that date.

Architectural barriers: the amendment that derogates from the stop to the discount on the invoice and assignment of credit for the expenses incurred for the elimination of architectural barriers has passed.

Seismic areas: the assignment of credit or discount on the invoice for interventions related to the superbonus continue to apply for works in areas classified as high or medium seismic risk included in building recovery or urban redevelopment plans, approved by the municipal councils before 17 February and which contribute to energy saving and anti-seismic adaptation of buildings.

Flooded territories of the Marche: interventions carried out on properties located in the Marche region damaged by the floods of 2022 and for which a state of emergency has been declared can continue to benefit from the transfer of credit or discount on the invoice

Social housing and non-profit organizations: the possibility of the assignment of credit or discount on the invoice also remains for construction work (other than the superbonus) carried out on social housing buildings and on those of non-profit organizations and cooperatives provided that the members of the boards of directors have not received compensation or office allowances.

Variants: 110% deduction is eligible and can use the assignment of credit or discount on the invoice for variant projects to Cila even if presented after February 17.
Credits-BTP compensation - Banks, insurance companies and financial instructions that have exhausted their tax capacity will be able to use 2022 tax credits deriving from building bonuses to purchase BTPs with a maturity of at least ten years. An amount of credits of up to 10% of those discounted annually may be used for the purchase of BTPs. BTPs, of ordinary issue, can be subscribed starting from 1 January 2028.

Still to be defined, however, the announced financial instrument, of a private nature, to unlock the stock of stranded loans (for an estimated amount between 15 and 19 billion), stopped in the tax drawers of the companies executing the works and of the citizens owning properties subject to interventions. Banks, financial institutions and large public companies should participate in this platform. Meanwhile, after the moral suasion exercised by the Ministry of Economy and Finance, several banks would have resumed purchasing credits, also reassured by the rules introduced in the same decree which, outlining the perimeter of joint and several liability in the event of fraud, exclude from liability the assignees who prove that they have acquired the credit and are in possession of the appropriate documentation on the works from which the credit originates.

Here comes the rule that saves the receivables accrued in 2022 and that on March 31, 2023 risked expiring due to the failure to define the transfer contract with the bank and the related communication of the Revenue Agency. With an amendment by the rapporteur, it has been provided that the communication to the Revenue Agency of the assignment of the credit can be made even if the assignment contract has not been concluded.

Joint and several liability: assignees who purchase credits deriving from building bonuses from a bank are excluded from joint and several liability in the event of unduly received benefits, if the bank has issued a deed of possession of the specific documentation on the works certifying the credit.

Superbonus deductions up to ten years: in arrival the possibility for individuals who have benefited from the superbonus without assignment of credit or discount on the invoice to spread the corresponding tax credit in ten years, instead of four or five years. The rule was introduced to allow those with lower incomes and would be incapacitated to take full advantage of the tax break.