The impact of the Superbonus Decree on the Italian economy
The new Decree-Law No. 39 of 2024, in force since 29 March and converted into law with a maxi-amendment by the Government, contains measures of an essentially fiscal and financial nature aimed at modifying, in several parts, the tax regime of the so-called Superbonus and, in general, that relating to benefits in the construction sector. Speaking on the subject was Alessandra Calabrò, a Court of Cassation lawyer at the Rome Bar specialising in tax law and tax penal law, with extensive experience also in the field of credit recovery and restructuring.
by Roberta Imbimbo

Avv. Calabrò, what are the main changes contained in the new Decree-Law No. 39 of 2024?
The Law converting Decree-Law No. 39/2024 (the so-called ‘Credit Cut Decree’), introduces a series of stringent changes that tighten the grip on building bonuses originally in vi-gore. It is a measure strongly desired by the government, and in particular by the Minister of the Economy Giancarlo Giorgetti, with the intention of giving a breathing space to the public accounts, on which the tax benefits were burdening excessively (for the executive the public deficit – which amounts to approximately 135 billion euro – had become truly unsustainable). In addition to the obligation to spread the deduction over 10 years for Superbonus, seismbonus, and architectural barriers, the fundamental novelty contained in the decree in question concerns the elimination of all exceptions that still allowed certain categories, and for certain types of work, to benefit from discounts on the invoice or the transfer of credit (Decree Law 212/2023 allowed them in certain cases for the architectural barriers bonus and work for Third Sector entities). As of 30 March, the only possibility remains that of tax deductions. The decree affects both the Superbonus – which, in my opinion, has made it possible to restart the Italian economy in strategic sectors such as construction – and the architectural barrier bonus and building renovation work in earthquake-prone areas, except for credits related to the reconstruction of the Apennine crater hit by the 2009 earthquake. This is a very strong novelty also from a political point of view because it acts retroactively, i.e. for those interventions that have already started with building procedures but with works not yet carried out.

More specifically, when does the rule act retroactively?
Decree-Law no. 39/2024 excludes from the credit assignment option taxpayers who have not commenced facilitated works with all the building bonuses despite having submitted a CILAS, authorisation title or assembly resolution by 16 February 2023 as provided for by Decree-Law no. 11/2023. In other words, even if you have started a CILAS file by the above-mentioned date, if you do not have a regular invoice for payment of the works you automatically lose access to the credit transfer with the only possibility of being able to take advantage of the ten-year tax credit deduction.

The Superbonus Decree contains a measure that will also have a negative impact on the banking system. Why?
The Superbonus Decree stipulates that from 1 January 2025, Banks and Credit Institutions will no longer be able to use previously purchased Superbonus and building bonus credits to offset social security credits, i.e. Inps contributions and Inail premiums due. This means that the Banks will not be able to easily dispose of the credits purchased and will not purchase new ones. In addition, banks and credit institutions that purchased the credits at a price below 75 per cent will be able to utilise these credits in six annual instalments instead of four, and the unused portion of the credit will not be available in subsequent years. The freeze on offsets with social security and insurance debts – a provision designed to punish banks that purchased credits at too low a price, taking advantage of the freeze that put professionals and companies in crisis – will unfortunately result in a further clogging of the construction credit market.

In conclusion, how do you judge this new regulatory framework?
This measure, which has been declared an emergency to preserve public accounts, is extremely stringent for all companies in the construction sector that have driven Italy’s GDP in recent years. In my opinion, therefore, while it is true that the state coffers must be safeguarded, it is also necessary to protect a strategic sector for our country’s economy. Italy and companies in the building sector need less stringent regulations that can encourage long-term investments in energy efficiency and sustainability, especially in view of the challenging goals set by the energy transition as reported in the PNIEC.


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