The market for tax credits that arise from super bonus 110 percent and other concessions. A decree from the Ministry of Economy is in the pipeline which – by providing an authentic interpretation of the rules in force – will dissolve the doubts that have so far contributed to retaining operators. The novelty comes in a phase of great ferment for the superbonus instrument: on the one hand there is the decisive acceleration of interventions, after a muted start due to the difficulties connected to the pandemic but also due to the need for a series of regulatory simplifications, then you arrive; on the other, the political debate and not only on the extension of the incentives, for which the government has so far committed itself until 2023.
Superbonus, the tax credit market takes off
One of the strengths of 110 percent is certainly the possibility for taxpayers to transfer the tax credit, thus recovering the entire expense quickly instead of waiting for the deduction in the tax return, which is diluted in five annual installments. . For families this represents a very strong element of convenience, which obviously has a weight when work at the condominium level has to be decided. Until now, however, even on this aspect there was uncertainty due to a 2015 regulation: the decree of the Ministry of Economy which, in implementation of the banking consolidated act, governs the activity of financial intermediaries, such as banks. Providing, among other things, that the activity of granting loans is reserved for these subjects.
The exceptions
The text then specifies some exceptions, ie activities that do not fall into this category and therefore not even in the reserve: it mentions “the purchase of value added tax credits relating to the sale of goods and services in the cases provided for by current legislation”. And it was precisely on the interpretation of this passage that many operators wishing to enter a promising market were blocked: to read the law in a literal sense, the credits relating to 110 per cent and other building concessions would be excluded and therefore reserved only for banks.
The Ministry of Economy has therefore decided to clarify with a new provision – now substantially ready – which affirms a very simple principle: since in 2015 that of VAT credits was the only case of this type in existence and therefore the others could not be mentioned, the exception must be interpreted in a broader sense, also including the forms of tax credit that in the meantime have been made possible.
An apparently formal retouching which, however, within a few weeks should have the effect of unlocking and expanding the market beyond just the banks, thus making it easier for everyone to take advantage of this very favorable form of use alongside the facility itself. The credits can be transferred without problems to the same suppliers of goods and services or to other subjects (individuals or companies), with the possibility of subsequent transfers. An option that is added to that of the discount on the invoice that can always be practiced by suppliers.
Just a few days ago, an update on the use of the superbonus arrived from the National Council of Engineers.
In September, spending commitments reached 7.5 billion euros, with 5.1 billion relating to works already completed). According to the evaluation of the study center for professionals, these commitments have already activated in the economic system an additional production of 15.7 billion euros and over 120,000 more jobs. Also according to estimates, 2021 could close with spending commitments for interventions – between eco-bonuses and sismabonus – for 9.3 billion euros. Resources that could push a total additional production (within the construction supply chain, in the engineering and architecture services sector, in the related sectors of the supply chain and in other sectors) of € 19.6 billion, with greater employment direct for almost 100,000 units and indirect for just over 54,000 units.
Prudence
Faced with these data, there is the prudence of the Economy Minister Daniele Franco who in Parliament recalled how the measure is effective but at the same time also burdensome for the state budget. Hence the commitment to confirm it for another year beyond 2022, then providing for a deadline. However, a part of the majority calls for an even longer extension.
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