The Flood Decree approved by the Council of Ministers last May 23 is awaiting publication in the Official Gazette which, in addition to providing for urgent measures to guarantee relief and assistance to the populations and companies affected by the flood, has ordered a new extension for the tax deduction of 110% (superbonus).
Superbonus 110%: the deadline for single-family homes
It seems useful to recall that the deadline originally set for the Superbonus 110% has been progressively extended:
- to 30 June 2022 from Law 30 December 2020, n. 178 (2021 Budget Law);
- as at 31 December 2022 with the restriction of 30% of the total intervention as at 30 June 2022 from
Law 30 December 2021, n. 234 (2022 Budget Law);
- as at 31 December 2022 with the restriction of 30% of the total intervention as at 30 September 2022 from Decree Law 17 May 2022, n. 50 (Aid Decree), converted with modifications from Law 15 July 2022, n. 91;
- to 31 March 2023 with the restriction of 30% of the total intervention to 30 September 2022 from Decree Law 18 November 2022, n. 176 (Aiuti-quater Decree), converted with amendments by Law 13 January 2023, n. 6;
- to 30 September 2023 with the restriction of 30% of the total intervention to 30 September 2022 from
Decree-Law 16 February 2023, n. 11 (Decree Transfers), converted with modifications from Law 11 April 2023, n. 38.
The current formulation of the art. 119, paragraph 8-bis, second sentence of Law Decree no. 34/2020 (Relaunch Decree) provides:
For interventions carried out on real estate units by natural persons referred to in paragraph 9, letter b), the deduction of 110 per cent is also due for expenses incurred by 30 September 2023, provided that by 30 September 2022 the works for at least 30 percent of the total intervention, the calculation of which may also include works not subsidized pursuant to this article.
The reason for the extensions
While until the Law n. 234/2021 the intention of the legislator has always been to allow greater use of the 110% superbonus while maintaining the constraint of achieving 30% of the total intervention on a certain date (initially it coincided with the natural expiry date of 30 June 2022 ), all subsequent extensions were made to deal with the related problems:
- the difficulty in finding materials and manpower to complete the work;
- the suspension of many non-performing construction sites due to the blocking of credit transfers.
And this last problem, despite the “heralded Decree Law No. 11/2023 (Decree Transfers), has not yet been resolved with tens of thousands of blocked construction sites, companies in bankruptcy and tens of billions of euros of frozen credits.
New extension for single-family homes
Although it is clear that sooner or later the Government will have to consider the need to further extend the dates by which to deduct expenses at 110% (both for single-family homes and for condominiums), at the moment the only “relevant” initiative ” is contained in the art. 1, paragraph 8 of the new emergency measure.
With the Flood Decree (which is expected to be official in the Gazette) an extension of the deadline for the use of the 110% Superbonus on single-family homes is ordered, but only if located in the Municipalities indicated in the annex to the decree itself.
In particular, for single-family buildings and real estate units with autonomous access and functionally independent present in these territories and which as at 30 September 2022 had already certified the completion of 30% of the overall intervention, it will be possible to use the 110% deduction on the incurred until 31 December 2023.
3 months of extension which (let’s face it) won’t be enough for anyone and which won’t help the rest of the country either, if the Government doesn’t decide once and for all to set the investees in motion for the purchase of the outstanding credits.
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