ECOBONUS AND MAXI CONCESSIONS
Maxi facilitation to restart construction, with possible beneficial economic effects over 20 billion in a year and a half. But consumer attention is needed. In fact, will enjoy theEcobonus increased to 110% of the expenses from July 1 onwards, which will be deductible from taxes over five years.
And you will not be able to super-advantage interventions such as the renovation of windows or the installation of a new air conditioner unless they are included in structural work of far greater magnitude.
The government has included in the Relaunch decree an enhancement of the 110 per cent tax deduction for expenses incurred between 1 July 2020 and 31 December 2021. This super-tax relief is valid “for specific interventions aimed at increasing the energy efficiency of buildings (Ecobonus), the reduction of seismic risk (Sismabonus) and for interventions related to the installation of photovoltaic systems and columns for recharging electric vehicles“.
The Ecobonus at 110% and the similar Sismabonus are contained inarticle 128 of the text. The illustrative report states that it “increases to 110% the rate of deduction due for specific interventions in the field of:
- energy efficiency;
- seismic risk reduction;
- installation of photovoltaic systems;
- installation of columns for recharging electric vehicles
with reference to expenses incurred from July 1, 2020 to December 31, 2021 while providing for the use of the deduction in 5 equal instalments”.
They recall from Ance a first, important, stake for ‘common’ homeowners. The so-called “minor” interventions continue to be facilitated on their way, with a 50% deduction over ten years for windows and doors and air conditioners.
The Ecobonus at 110% is triggered only if these works on individual units are carried out as part of a broader intervention that acts on the entire building.
The first paragraph lists the cases that qualify for the deduction:
- thermal insulation interventions of the opaque vertical and horizontal surfaces that affect the building envelope with an incidence of more than 25 percent of the gross dispersing surface of the building itself, within a limit of 60,000 euros multiplied by the number of building units that make up the building.
- replacement of existing winter air conditioning systems with centralized systems for heating, cooling or hot sanitary water supply with condensation, with efficiency at least equal to class A, heat pump, hybrid or geothermal with a possible combination with photovoltaic systems similar interventions on single-family buildings with a dry limit of 30 thousand euro.
In the third paragraph it is specified that decrees will arrive specifying the minimum technical requirements to be eligible for the ecobonus. The basic principle is the improvement of two energy classes of buildings, but in the latest version this stake has been softened. In fact, if this is not possible, it is enough “the achievement of the highest energy class, to be demonstrated by the energy performance certificate(A.P.E)”.
In addition, there is a further criterion concerning the use of the buildings in question. According to the interpretation given by Ance, while waiting for the final texts, they are intended to be directed to individuals.
Stop rebates for single-family buildings other than the primary residence. In practice, the green light to ecobonus on all apartments in a condominium but stop the houses that are not the main house.
SEISMIC AND PHOTOVOLTAIC INTERVENTIONS
Continuing the reading of the illustrative report, we find the enlargement of the deduction to 110% of the expenses related to specific anti-seismic interventions on buildings. As for the Sismabonus, it will be allowed in seismic zones 1, 2 and 3 that exceed 1,500 municipalities.
The next two paragraphs extend the scope of action to the installation of specific photovoltaic systems and accumulators integrated with them. The deduction of the seismbonus remains increased if the installation of the panels takes place together with the structural interventions mentioned above, or the anti-seismic ones.
The same goes for the recharging infrastructures for electric vehicles, which are also incentivised at 110% but with the obligation of a combined structural intervention.
Finally, an important novelty of the ecobonus is the possibility to transfer the credit accrued to banks. For such interventions ‘the taxpayer may opt for a contribution in the form of a discount on the invoice by the supplier, who may recover it in the form of a tax credit transferable to other parties, including banks and financial intermediaries’.
In practice, the novelty is that the condominium will be able to contract work for 100 and collect an equal discount from the supplier, who collects the cash from the bank by turning over a tax credit of 110. Condominiums would get the work for free, contractors would get a secure payment for the work, and for banks, a 10% margin spread over five years.
EFFECTS ON THE ECONOMY
According to an estimate of Ance, the additional work could be worth 6 billion over the eighteen months of effectiveness and generate an effect on the economy by 21 billion. It will take time for these effects to be realized because they are understood to be“work completed” but it will take months for construction sites to get up and running.
These estimates are consistent with what Minister Patuanelli has said in recent days. Recent reasoning considered that the lower tax revenues due to the ecobonus over the five-year period for which the measure will apply should be around €16 billion in total.
However, the Ministry of Finance is sure that “the increase in revenue linked to the multiplier effects of the initial investment allows the measure to practically pay for itself”.
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