The Italians remained excluded
From those who were suddenly excluded after the stop on the transfer of credit to the owners of single-family homes, from flat-rates (who do not have Irpef deductions) to all the incompetent (i.e. those who have a net tax equal to zero after deductions or ce have it but not sufficient to cover the entire annual repayment installment of the bonus). There are around 7 million Italians, according to the calculation made by the Sole 24 Ore, left with the match in hand after the direct or indirect effects of the decree law 11/2023, in force since 17 February which put an end to the assignment of credit and the discount on invoices, while problem loans amount to around 19 billion euros, already accrued. These, if unpaid, will put 115,000 home renovation sites already underway, over 32,000 businesses and 170,000 workers at risk, which double if we consider related industries, reaching 340,000 according to the National Association of Building Builders. At the hearing in the Finance commission in the Chamber, engaged in the examination of the decree law «Urgent measures on the transfer of credits», Ance expressed «strong concern for the explosive situation, which arose after the approval of the decree law on the assignment of credits, because it does not in any way solve the problem of problem credits linked to building bonuses”. According to the Association’s estimates, “the overall effect of the decree will lead the country into recession, going beyond the cancellation of the slight growth forecast in the latest government estimates (+0.8%)”.
The flat rates
Among the 7 million Italians who have remained excluded, there are, as mentioned, the lump sums: these taxpayers cannot take advantage of the Irpef deductions in their tax returns on subsidized expenses and, therefore, until the stop decided by the government, they used the transfer of credit as the only way to enjoy the bonuses dedicated to home renovation. If we calculate the number of professionals who have opted for the subsidized regime in recent years, we arrive at around 2.1 million Italians who are now automatically excluded from the bonus without the transfer of credit.
The detached houses
In fact, with February 17, single-family houses are excluded from the Superbonus. As we know, the Aiuti quater decree introduced an extension for 2023 of the Superbonus for single-family homes. The rules to be entitled to it provide that the works have been started since January and that you are the owner or holder of a real right to the house. But above all: have an income not exceeding 15,000 euros calculated with the new family quotient (only the incomes of all family members enter and not the assets). This ceiling had already limited the audience of those who can enjoy the extension. Now, removing the possibility of the transfer of credit and the discount on the invoice to start the works, for such low incomes it is difficult to imagine that there is the necessary liquidity for the restructuring. But if the money were found, then there would still be no fiscal capacity to obtain the refund spread over the four years envisaged for the 90% Superbonus. Condominiums and houses that could access the transfer of credit before the blockade are calculated at around 4.9 million.
The condominiums
Problems also for condominiums, where not all tenants perhaps have the necessary Irpef capacity and therefore with the sudden change in the legislation they could now say no to the continuation of works that may have already begun. An accusation often made to the Superbonus is that it is a facilitation for the rich. If it was with the transfer of credit, without transfer it becomes much more so, given that the works cost a lot. Even according to conservative estimates, 50,000 euros can be calculated for each condominium real estate unit. To deal with this expense on his own, the taxpayer should either advance the sum or take out a mortgage at rates that are not particularly convenient in this economic phase and then must have a taxable income capable of absorbing the entire deduction, equal to 11,250 calculating the bonus at 90 %, i.e. at the rate valid for 2023 for those who have not yet filed the Cilas.
The underdogs
An indirect effect of the government’s decision is that it has made access to building bonuses a possibility only for those who have the capacity of declared taxes necessary to obtain 100% of the subsidies (especially short-term ones, where the amount is concentrated in just 4 years, as for the Superbonus 90% or in 5 years as for the Sismabonus). Those with low incomes and therefore pay less taxes, without the transfer of credits or the discount on the invoice, are thus excluded from the more expensive renovation, safety or energy efficiency works. An example: to obtain 100,000 euros of income tax refunds spread over 4 years, the experts explain, you need an income of just under 70,000 euros per year. Anyone who does not reach this figure, but faces the same restructuring expense, will obviously receive an annual refund that is lower than what they would be entitled to and limited to the real personal income tax capacity.
The others excluded
Another large group is made up of Italians living abroad. About 5.9 million are registered with Aire who, if they own houses in Italy and wish to renovate them, are now excluded from the subsidy. In fact, since they don’t pay taxes in Italy, they don’t have a personal income tax capacity and the only alternative way to the direct disbursement of money to pay for the work was to transfer the credit.