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Tax Pills

Italy’s 110 per cent Superbonus is enriched with further clarifications

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Particularly, with the publication of Circular n. 24, followed by the issued of several Risoluzioni, or enterpretative fiscal pronuncements, in response to the requests for clarification received by the Revenue Agency, the new tax deduction is assuming an increasingly clearer picture.

In brief, the application of the Superbonus deductions aimed at infrastructure renovations is tailored for all the expenses related to energy-efficient or anti-earthquake building renovations incurred from July 1, 2020 to December 31, 2021. As explained by the Agency even co-owners of a single condominium are eligible to take the deduction, while various maximum thresholds apply for buildings with multiple residential units. Moreover, owners of non-residential buildings and units are also eligible for the deduction which must be taken in the tax period the expenses were made. The tax rilief can be also transferred as tax creditto the company carrying out the work or even to banks.

The Superbonus extends its field of application – The 110% tax allowance encompasses also family members and cohabitants. It means that family members and cohabitants of the owner or holder of the property who pay for the work carried out on the properties available to them can also access the 110% Superbonus. A green light for the access to the tax rilief also for entrepreneurs and self-employed on residential units falling within the private sphere. The costs for materials, design and related professional expenses (appraisals and inspections, preliminary design and inspection and prospecting costs) also fall within the eligible ceiling.  Furthermore, with an ad hoc provision, signed by the Director of the Revenue Agency, Ernesto Maria Ruffini, the Communication model has been approved which allows, as already mentioned aboveto, the benefit from the option to transfer a tax credit corresponding to the deduction or to benefit from a discount on the fee. The promissory purchaser of the property subject to intervention placed in possession is also entitled to the deduction, provided that a preliminary contract for the sale of the duly registered property has been stipulated.

Ok to the Superbonus also for people who carry out business activities or arts and professions – In this case, the condition is that the works involve individual real estate units, then limited to properties unrelated to the activity exercised, therefore belonging only to the private sphere of the taxpayers life. This condition is irrelevant if the works concern the common parts of the condominiums.
 
Other eligible expenses - The 110% deduction is extended to include some additional expenses for the interventions that benefit from the Superbonus, provided they are actually carried out. For example, these are costs for materials, design and other related professional expenses (appraisals and inspections, preliminary design and inspection and prospecting costs).

Stefano Latini

URL: https://www.fiscooggi.it/tax-pills/articolo/italys-110-cent-superbonus-is-enriched-with-further-clarifications