The debate has already started around the latest measures envisaged by the Government for the 110% superbonus and the transfer of credit. Two measures that together should restore oxygen to the construction sector which has been the victim of continuous (and without planning) regulatory changes since January 2022.
But let’s go in order.
The extension for single-family homes
On 8 August 2023, the Council of Ministers n. 47 of the Meloni Government with which the approval of a new emergency provision was announced. A Decree Law already renamed “Asset/Investments” which contains several measures to protect users, economic activities and investments, at least on paper.
With regard to the tax deductions pursuant to art. 119 of the Law Decree n. 34/2020 (Relaunch Decree), after months of protests, principals and interlocutions, in the end it was decided to extend the deadline for single-family members who still have access to the superbonus in its version with a 110% rate.
We are talking about natural persons (art. 119, paragraph 9, letter b) of the Relaunch Decree) for interventions on single-family buildings or real estate units with autonomous access and functional independence who as at 30 September 2022 have already completed and certified the completion of 30% of the overall intervention.
For these subjects and for these interventions, the current deadline pursuant to art. 119, paragraph 8-bis, second period of the Relaunch Decree will be postponed from 30 September 2023 to 31 December 2023. In this way, these subjects will have until the end of 2023 (3 months more) to deduct the expenses incurred for energy requalification interventions and seismic risk reduction.
The reopening of the assignment of credit
At the same time, the news of the reopening of Poste Italiane arrived which, after the suspension of the service on 7 November 2022, will return to purchasing building credits.
However, the Poste Italiane service will be reactivated starting next October, only for amounts of less than 50,000 euros and only for private individuals (the latter is nothing new).
The big bluff
The extension for single-family homes and the reopening of Poste Italiane could be read as a solution or an attempt by the Government to solve the problem of those who have invested in the superbonus by counting on the transfer of credit.
Analyzing the two pieces of news, however, it would seem only a new attempt to further lengthen the time with measures that will not affect the problem at all and on which we recall the next November deadline for the transfer of credit with remission in bonis.
The extension that does not extend
The extension for single-family homes will come with a new emergency provision which will probably land in the Official Gazette in the next few days. Assuming that the Decree Law is published in the Official Gazette today, the conversion into law would not arrive before 9 October 2023.
Anyone who has had to deal with the changes to the superbonus over the last 3 years should know by now that, although the Decree Laws produce their regulatory effects immediately, the tendency is always to wait for their conversion for the definitive confirmation of the measures adopted (and it is for this reason that probably Poste Italiane, as a precaution, has spoken of a reopening starting from October when the Decree Law will have already been converted).
The reopening that doesn’t reopen
Going on the news of Poste Italiane. It should be clear enough that the block on the transfer of building credits has not only involved single-family houses but also condominiums and buildings made up of up to 4 units and a single owner (Article 119, paragraph 9, letter a) of the Relaunch Decree).
For the latter subjects, the deadline for using the 110%/90% will be 31 December 2023, then the rate will gradually decrease to 70% in 2024 and 65% in 2025. The reopening of Poste Italiane only to the subjects referred to in art . 119, paragraph 9, letter b) of the Relaunch Decree would cut off all other beneficiaries.
But not only. Binding the sale to amounts of less than 50,000 euros means not even having an idea of the type of construction sites open on single-family homes. A rather singular error of perspective considering that the data in possession are many and say something else.
The latest Enea report relating to the superbonus for energy efficiency interventions speak of average interventions on single-family homes equal to 117,366.29 euros. This without considering the contribution of the earthquake bonus. We are talking about significantly different figures from the cut of 50,000 euros that will be allowed to sell the credit to Poste Italiane.
The same news of a reopening in October means that the transfer contracts will probably be closed in November and taxpayers could have the necessary liquidity to reopen the construction sites in November/December 2023, or close to the deadline set by the new Decree Law.
Conclusions
Ultimately, we are faced with a solution that will have no tangible effect on the problem of blocking the sale of building credits but which will probably lead to some newspaper headlines which, instead, will talk about the great work put in place by the Government.
The construction times are not those of the Decree Laws and if the Government really wanted to solve the problem it should only:
extend the 110% superbonus until 31 December 2024 (it would not be a reopening of the terms but only a way to give more time to those who are already inside) to avoid making operators work breathing down their necks; reopen the purchase channels of Poste Italiane and CDP, without constraints on the beneficiary or on the amounts.
Simple solutions that would really solve the problem to restart with new tax measures that can encourage energy requalification and the reduction of seismic risk. Let us not forget, in fact, that without the solution to the main problem, any new measure will frighten all operators who will hardly trust the State again which in recent years (and 3 different Governments) has completely disregarded all expectations.
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