Now, having closed the time window for the presentation and having checked the documents received, the Inland Revenues have found that the total of eligible expenses does not exceed the 5 million available. Therefore, for each beneficiary, the effective tax credit will be 100% of the expenditure incurred, if it does not exceed 750 euros. If the expense were higher, the credit would be 750 euros.
If the bonuses requested (and declared eligible) had exceeded the available dowry, the size of the tax credit recognized to each beneficiary would have been reduced by a percentage equal to the excess of the sums requested over those allocated.
The fruition
Now we move on to the use of the recognized tax credit, which is possible “only in the tax return as a reduction of the taxes due and can be used no later than the 2022 tax period” (article 4 of the Ministerial Decree of 21 September 2021, issued by Ministry of Economy).
The credit cannot be combined with “other tax concessions relating to the same expenses” (article 3 of the Ministerial Decree).
If the Revenue Agency ascertains that “the benefit is not due in whole or in part”, it issues a recovery act. In practice, it invites you to pay an equivalent sum for an unduly received benefit. In the event of non-payment, the compulsory collection is carried out (tax bill).