The Superbonus or Ecobonus of 110% for the renovation works is active from the first of July until the end of 2021, “but more important it would be to succeed extend it to 2022 because it gives a non-trivial time threshold and would allow us to use 110% also for the demolition and reconstruction, which is already possible today for the areas of the earthquake in Central Italy “, said the Undersecretary of State to Presidency of the Council of Ministers, Riccardo Fraccaro, during the Ance online conference. Which then underlined how thanks also to the recovery fund it will be possible to extend it beyond 18 months. But there is the possibility of a change in the courtroom of the decree that could extend the provision to second homes. Meanwhile, to be definitively in force, we await the clarifications from the director of the Revenue Agency, to be adopted within thirty days from the date of entry into force of the Relaunch Decree (or probably of its conversion law) which defines the implementation methods, including those relating to the exercise of the options, to be carried out electronically.
Deduction or discount on the invoice
The adaptation works give the right to an Irpef refund in five years 110% of the expenditure; alternatively, it is possible to transfer the tax credit to the company carrying out the work, or pass the credit on to a third party. The works are certainly a good deal for home owners who intend to continue to live there for a long time but even more for those who would like to sell here in a couple of years since the next phases of the real estate market will probably not be very bright and who will be able to offer a property renovated in terms of aesthetics and more energy-efficient will have less difficulty finding buyers.
The assignment of credit
There is a great deal of attention on the transfer of credit, as was noted in the meeting both by the banking and insurance world, for the first time involved in this business, also because the mechanism will not only apply to the super eco-bonus and the bonus earthquake , but to all tax-facilitated building operations, with timing of repayment by the Treasury equal to those provided by the facilities to which the credit refers: therefore five years for the super eco bonus or the bonus quake, ten years for the bonus facades or the building renovation bonus. In order to start the transfers, it is necessary for the operational indications from the MEF to arrive. In any case, on the basis of the provisions, it is possible to take advantage of a deduction, or a discount on the invoice or the assignment of credit.
The current duration
We talk about jobs held in 2020 and 2021. Only these will enjoy the deduction, the discount on the invoice or the assignment of credit. The works in question are in particular those of energy requalification and reduction of the seismic risk for which the new deduction is foreseen at 110% from 1 July 2020 to 31 December 2021.
The jobs that fall
They are those concerning the building renovationsor ordinary, extraordinary maintenance, restoration and conservative restoration, building renovation, carried out on the common parts of the condominium buildings. Including also the extraordinary maintenance, restoration and conservative restoration works on the individual real estate units. To be more practical, these are the works to which a 50% deduction is applied up to a spending ceiling of 96 thousand euros (ex article 16-bis, paragraph 1, letters a, b, of the consolidated text of income tax, Presidential Decree 917/1986).
Those for theenergy efficiencyor the work to reduce energy requirements, improve the building’s thermal energy, solar panels, replace heating systems (interventions facilitated with the 65% eco-bonus provided for in Article 14 of Legislative Decree 63/2013).
The seismic interventions, i.e. the works that reduce the seismic risk in zones 1, 2 and 3, based on the classification of the seismic risk (ex article 16, paragraphs 1-bis and 1-ter, of the law decree 63/2013).
The work of recovery or restoration of the facade of existing buildings, including cleaning or external painting only, or works facilitated with the new facade bonus introduced by the 2020 maneuver (article 1, paragraph 219, law 160/2019).
They also include theinstallation of photovoltaic solar systems and l ‘installation of charging stations for electric vehicles (article 16-ter of legislative decree 63/2013).
When it comes to these works, the relative deduction may be applied directly in the declaration: 110%, 65% and so on.
The discount on the invoice and the assignment of credit
However, you can choose between two other options instead of the deduction
1) The discount on the invoice
2) The assignment of credit.
In the first case the sum corresponding to the expected deduction can be deducted from the consideration due to the person who carried out the work. The service provider may in turn recover the sum by applying a tax credit. It will also have the possibility of a subsequent assignment of the credit to others, including credit institutions or financial intermediaries.
In the second case there may be the transformation of the corresponding amount into a tax credit. There will be the faculty of subsequent sales to others, including credit institutions or financial intermediaries.
How jobs are paid
An expense of 50 thousand euros entitles you to a deduction of 11 thousand euros per year: to take full advantage of the advantage, an employee with a dependent child must have a taxable income of 41 thousand euros and no other deduction. For such high figures and payment for cash you can take out a mortgage: in practice, the 10% returned by the Revenue at current interest rates is enough to cover interest and mortgage expenses. Very often the advisable solution would be to give credit to those who do the work, an operation that not all supplier companies will be able to carry out since it requires good liquidity behind them, or to provide on their own by turning the credit to third parties.
The tax credit can also be used in compensation. This will take place on the basis of the residual deduction installments not used, and on the basis of the same division into annual portions with which the deduction would have occurred. Any portion of unused tax credit in the year can be used in subsequent years. However, a refund cannot be requested.
The case of condominiums
For condominium works the condominium has no obligation, the administrator will have to follow the practices. In addition, the concession in the condominium it is up to all taxpayers independently from the fact that it is a first home, home rented or kept available. The case of single-family houses is different: the decree provides that the super bonus is attributable only if it is a main house of the taxpayer. Furthermore, whoever asks for the subsidy is responsible for sending all the technical documentation requested to Enea.