Bonus 110%: how to transfer the credit to the bank

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L’ecobonus and 110% sismabonus they are among the most anticipated measures of the Relaunch Decree. As announced by Premier Conte himself, these two measures will allow you to renovate your home for free, allowing to improve its energy efficiency and make it earthquake-proof. As the name also says, in fact, those who decide to carry out work on their home will get a tax credit equivalent to 110% of the amount paid.

What few know, however, is that they are there three different ways to use tax credit resulting from the work of the eco-bonus and sismabonus. The first is thedirect use of the same taxpayer, which can divide the tax bonus into five equal annual installments to be used in compensation for the tax return. Alternatively, the bonus can be transferred to the company carrying out the works (the so-called invoice discount), which in turn can use it in compensation or sell it to suppliers. The third and last way, the least known, provides the transfer of the 110% bonus to the bank or other financial intermediaries.

Bonus 110% to the bank, what the decree says.

As mentioned, few taxpayers are aware of this possibility, introduced in the final version of the Relaunch Decree and which went almost completely unnoticed. Let’s see how it works and who can use it. Article 121 of Law Decree 34 of 16 May 2020 provides that, in the event of restoration of the real estate assets or energy efficiency, they can opt “for the transformation of the corresponding amount in tax credit, with the faculty of subsequent transfer to other subjects, including credit institutions and other financial intermediaries “.

The legislative dictation, therefore, provides that taxpayers can renovate the house for free even in the event that the construction company or the company to which it is addressed cannot perform the works without being paid (that is, it does not accept the discount on the invoice). In fact, the credit can be transferred to a bank or other financial intermediary. However, no practical indications are given on how this can happen.

How to transfer the 110% bonus to the bank

To find out how it will be possible to give the tax credit deriving from the eco-bonus or sismabonus to the bank, it will be necessary to wait for an explanatory circular from the Revenue Agency or a ministerial implementing decree. The decree, or the circular, will have to arrive by June 19, 2020 and, therefore, we will not have to wait much longer. Possible to speculate, however, that the taxpayer advances the costs of the work from his own pocket, to then immediately get a refund from the bank.

However, it should be stressed that the bank (as well as the company) has no obligation to accept the assignment of credit. It will therefore be necessary to contract with the credit institution of your trust, in the hope that it will accept it. Otherwise, you will have to continue searching until you find one available.



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