With the vote of confidence that the government will collect today in the Chamber, the budget law for 2022 is secured and from tomorrow onwards the parties will have free rein to play the Quirinale game. Having approved a maneuver worth 32 billion euros with a clearly expansive cut, which reduces taxes and contributions by 8 billion euros, confirms bonuses, super bonuses and citizenship income as well as financing the reform of social safety nets with 5 billion, but it is not enough to give security to the markets.
The political fibrillations linked to the Quirinale, in addition to the general phase of economic uncertainty linked to the fourth wave of Covid and the expensive raw materials, yesterday made the spread between our ten-year government bonds and the German bund skyrocket over 140 (143 points in the opening, to be precise), a level that hasn’t been seen for some time. At the end of the day it was back to 133.5 points but according to the president of Assiom Forex, Massimo Mocio, “we must still expect days of accentuated volatility due to the approaching elections for the President of the Republic, which are intertwined with the fate of the government”. Volatility which, however, should fall “if the executive is confirmed in its current form”.
Meanwhile, yesterday in the Chamber everything as expected. The Budget Commission has in fact examined the more than 400 amendments in record time, judging more than 200 inadmissible and rejecting all the others. The maxi-amendment was thus approved without changes in the version arrived from the Senate and therefore the mandate to rapporteur Daniela Torto (M5s) was voted to report to the classroom where the general discussion took place in the afternoon and the controversy over the short time continued granted to deputies to discuss the various measures. At 7 pm the Minister for Relations with Parliament, Federico d’Incà, put the question of trust in the name of the government which will therefore be voted on tonight at 7 pm. The final vote, including the agenda, except for surprises, is expected in the morning of tomorrow.
Superbonus ok, from the furniture to the green burst of incentives
Superbonus, renovation bonuses, energy and furniture: there are many new features in effect since January. Starting with the 110% tax credit that has long been at the center of the parliamentary debate with the final decision to cancel the 25,000 euro Isee ceiling for single-family houses and villas introduced by the government in the initial version of the budget bill. In fact, the entire majority agreed to confirm the superbonus also for single homes until the end of 2022. Provided that as of June 30, 2022, work had been carried out for at least 30% of the total intervention.
The extensions also apply to the implementation of the “driven” interventions in such a way as to align all the others with each other. More generally, the superbonus then provides for different deadlines based on the beneficiary.
Condominiums and Iacp
In particular, an extension to 2025 is envisaged for condominiums and individuals (business or profession activities excluded) with a progressive decrease in the deduction percentage (from 110% for expenses incurred by 31 December 2023 up to 65% for those incurred in the year 2025). And therefore the possibility of using the superbonus is extended until 30 June 2023 also for housing cooperatives with undivided ownership. For the same subjects, if works have been carried out (as at 30 June 2023) for at least 60% of the total intervention, the deduction is also due for expenses incurred by 31 December 2023 (similarly to what is already provided for the Iacp). Therefore, the terms of application of the 110% deduction in cases of installation of photovoltaic solar systems (31 December 2021), as well as for the installation of infrastructures for recharging electric vehicles in buildings (30 June 2022) are eliminated and it has been then canceled the provision that recognized the deduction for expenses incurred by some subjects by 31 December 2022 only in the presence of certain conditions (Cila communication and title for building reconstruction). Therefore it is established that the price lists identified by the decree of the Minister of Economic Development of 6 August 2020 also apply to other building recovery and energy requalification interventions.
News also for the municipalities of the territories affected by seismic events from 1 April 2009 onwards: for them, the use of the 110% deduction will be valid for all expenses incurred, by 31 December 2025.
Furniture and greenery
To give greater stability and certainty to homeowners with respect to the interventions to be made, the 3-year extension is introduced (2022, 2023 and 2024) to be able to take advantage of the tax deductions due for the costs incurred for energy efficiency measures, building renovation, for the purchase of furniture and large appliances. Alternatively, it will be possible to transfer the tax credit to banks and financial intermediaries or to obtain the discount on the invoice (but in this case, as already for the superbonus, the obligation of a compliance visa is introduced for the works). For furniture, the maximum deductible amount in 2022 is set at € 10,000, while it drops to € 5,000 for the years 2023 and 2024.
The extension until 2024 of the tax relief for the “green” arrangement of uncovered areas of private residential buildings (36% of the costs incurred, with a spending ceiling of 5,000 euros per year) is foreseen.
Bonus facades
The facades bonus is extended until 2022, but the deduction drops from 90 to 60% of the value amount. A bonus is also provided for interventions aimed at overcoming and eliminating architectural barriers and a tax credit arrives for the installation of storage systems integrated in electricity production plants powered by renewable sources.
Taps and tv
Finally, the maneuver extended the taps bonus for the whole of 2022 (an incentive of up to 1,000 euros for the purchase of taps, mixers, shower columns and shower heads in order to promote water saving) and the bonus for TV and digital decoders, also providing the possibility of home delivery for all over 70s with a pension of less than 20 thousand euros.