The weather at the end of June and beginning of July 2022 provides for hot temperatures, especially in Parliament where the process of converting into law the Decree Law of 17 May 2022, n. 50 (Aid Decree) which must be completed by 16 July 2022.
Superbonus 110%: the amendments to the Aid Decree
A complicated path of conversion, perhaps more than all those that preceded it on which Parliament was unable to affect due to the now customary vote of confidence requested by the Government on armored texts and which often left a sense of skepticism on those who he still believes that legislative power resides within the House and Senate.
We remind you that the Aid Decree envisaged two important changes to articles 119 and 121 of Law Decree no. 34/2020 (Relaunch Decree):
- with the amendment to art. 119, paragraph 8-bis, the date needed to carry out the 30% of the intervention needed to extend the expiry of the bonus to 31 December 2022 has been postponed. This change therefore concerns single-family buildings. In detail, it is envisaged that for interventions carried out on real estate units by natural persons referred to in paragraph 9, letter b), the 110% deduction is also due for expenses incurred by 31 December 2022, provided that at the date of 30 September 2022 work has been carried out for at least 30% of the total intervention, in which the non-subsidized work must also be included;
- with the amendment to art. 118, paragraph 1, banks are allowed to transfer to private professional customers who have entered into a current account contract with the bank itself, or with the parent bank, without the right to further transfer.
Superbonus 110% and credit transfer: new modification hypotheses
The main critical issue relating to the several changes that the regulation of the assignment of building credits has undergone in recent months was under discussion in the Chamber of Deputies. Criticality that has given rise to concerns among households and businesses on which Parliament has a duty to intervene, especially considering that there are over 5 billion euros suspended due to the blocking of the assignment of loans to banks, with consequent serious liquidity problems.
Another problem concerns the timing given that following the numerous changes, many families were unable to send, by April 29, 2022, the documentation relating to the expenses incurred in 2021 for the interventions carried out on single-family buildings.
The amendments proposed by the majority
Starting from these assumptions, various amendment packages have been presented, including those of the majority that must necessarily be well analyzed:
- extension to 30 September 2022 for the supersismabonus purchases, a measure that will currently end on 30 June 2022. The law provides, in fact, that the purchase deed relating to the properties subject to the works is stipulated by 30 June 2022;
- new towed intervention: it was requested to include among the towed interventions also those concerning the installation of BIPV (building integrated photovoltaic) elements in the building envelopes on vertical building facades, or for the installation of photovoltaic glass elements (VFV ) on roofs or raised horizontal surfaces;
- new possible extension for single-family homes that may have to carry out 30% of the overall intervention by 31 October 2022 in order to arrive at 31 December 2022 (deadline which in the worst case scenario would give only 2 months, November and December, to complete the remaining 70 % of the intervention but which, speaking of single-family homes, could also be enough);
- new extension for Public Housing (public housing) which could use the 110% bonus until 31 December 2025;
- new extension also for the IACPs that could use the superbonus until 31 December 2026, but on which it is envisaged that for assignment it is necessary to resort to the public selection procedures referred to in Legislative Decree 50/2016 smi, and on condition that as of 31 December 2023 the relative announcements have been published; until 31 December 2022, for the purchase of houses deriving from demolition and reconstruction interventions with seismic improvement, with reference to the deeds stipulated, after the completion of the works, by the same date;
- extension of the possibility for banks and companies belonging to a banking group to freely assign the tax credits pursuant to art. 121 of Legislative Decree no. 34 of 2020, with regard to corporate account holders falling within the European definition of SMEs, as well as to “private professional customers”, also to subjects in possession of a VAT number who in the previous year filed financial statements starting from 50,000 euros;
- introduction, for credits purchased after 1 January 2022, of the possibility by banking and insurance subjects that remain at the end of the ordinary period of a further use for the sole purpose of subscribing to subsequent issues of Multi-year Treasury Bills with a maturity of no less than 10 years;
- to allow CDP to assist in the process of energy and anti-seismic requalification of public residential buildings, it equates to subjects authorized to receive the assignment of credit or the discount on the invoice for superbonus interventions in Public Residential Building;
- allow, limited to the expenses incurred in the year 2021, the use also in subsequent years of the portion of the tax credit not used by the end of 2022.
The amendments proposed by the 5 Star Movement
Another package of amendments was presented by the 5 Star Movement. The news was given by senators Gianni Pietro Girotto, President of the 1a Commission I, and Cristiano Anastasi, member of the 10th Permanent Commission.
Here are the proposals of the M5S:
- it is asked to better clarify the components on which to calculate 30% of the overall intervention for single-family households wishing to use the bonus until 31 December 2022;
- extension of the sale by banks to SMEs (a measure that could open up the building credit market);
- possibility of full or partial transfers of one or more single annuities, even after the first communication of the option to the Revenue Agency;
- inclusion of the possibility of using, limited to the expenses incurred in 2021, also in subsequent years of the portion of the tax credit not used by the end of 2022;
- introduction of a further paragraph which provides for the possibility of further use on the part of banking and insurance subjects only for the credits purchased after 1 January 2022 at the end of each tax period subsequent to the one in progress on 31 December 2022 and no later than 31 December 2026 for the sole purpose of subscribing to subsequent issues of Multi-year Treasury Bills with a maturity of not less than 5 years. guaranteed by the attribution of a unique code;
- extension to September 15, 2022 of the deadline of April 29, 2022 for the communication to the Revenue Agency of the credit transfer and the discount on the invoice for expenses incurred in 2021, to prevent many taxpayers from losing their annual credit quota, especially if incapable in the tax return;
- suppression of the provision introduced by paragraph 3 of article 29-bis of Legislative Decree no. 17/22 according to which the new provisions apply to the communications of the first assignment of the credit or of the discount on the invoice sent to the Revenue Agency starting from 1 May 2022. It follows that the new provisions (further assignment by banks to other subjects) therefore apply to all credit assignments, with particular reference to those that are “stranded”. According to the conversion work of the aforementioned energy decree, no financial effects are ascribed to the law.
It is clear that the last word will be up to the Government which seems to be not very willing to new openings.