Superbonus 110%: the Construction Bonus Season is over

The Bonus Season ends

The Minister of Economy Giancarlo Giorgetti stated that the 110% bonus season for everyone and discounts or transfers for a very large number of interventions will never return, as the financial situation does not allow it: there is not enough money and the numbers achieved are unsustainable for the state coffers. At the moment, therefore, the government has the transfer of credit and the discount on the invoice were blocked for all construction bonuses and reduced the Superbonus to 90%. The executive had to intervene urgently to secure the state’s accounts and prevent new businesses or individuals from being attracted by the discount on the invoice, given that the super concession mechanism on construction works has generated €120 billion in accrued debt, which the state will have to pay.
But let’s see in detail all the deadlines and extensions scheduled for the next few months.

Condominiums

At the moment the total discount of 110% can be used by those who have presented the appropriate documentation in 2022, until the end of the current year for condominiums and building cooperatives, with transfer or discount if already formalized in 2022. Specifically, for condominiums the 110% Superbonus will be extended until 31 December 2025 but with decreasing rates:

• 90% for expenses incurred until 31 December 2023;
• 70% for expenses incurred until 31 December 2024;
• 65% for expenses incurred until 31 December 2025.

The extension for the villas

For villas there is an extension of at least 6 months to make bank transfers and thus be entitled to the 110% Superbonus reserved for single-family homes. The Government would therefore have given consent to postpone the mandatory deadline, within which to communicate the building bonus option and therefore conclude the works, to 30 September 2023. The motion should implement the indications of the executive, giving a favorable opinion to the solution identified in recent days by the rapporteur of the decree, Andrea de Bertoldi (Fdi), which allows the credit to be registered on the Revenue Agency platform from the moment it is taken over by the bank. Any extension will be reserved for those who have completed at least 30% of the planned interventions by 30 September 2022, to complete the expense and deduct it, benefiting from 110%. The executive’s objective is to avoid blocking the work in progress, given that the deadline for making the expenditure expires on March 31, and to give a little more breathing space to the construction sites that have accumulated delays.

The “safe windows” rule

There is also a «save fixtures» and «save boilers» rule, which will allow free construction work (installation of fixtures, boilers and heat pumps) to still be carried out with the discount on the invoice, if the buyer and installer produce a self-certification stating that the contract between the parties was stipulated before 16 February 2023.

Superbonus: hypothesis of deductions for 10 years

Another hypothesis under study would concern the extension of the timescales for exploiting the Superbonus as a deduction in the tax return. If the «repayment» period were extended to 10 years, instead of the current 4, partially insolvent taxpayers would have more years available over which to spread the relief, recovering it thanks to a lower annual tax capacity ceiling.

Sismabon

Another change reopens the right to the invoice discount for the Sismabonus, but limited to the area of ​​the 140 municipalities affected and damaged by the earthquake in Central Italy. The same thing goes for IACP (Autonomous Social Housing Institute) and Onlus.
And the solution should also arrive, through self-certification, in the case of works not yet started for free construction. On the variations underway, however, there will be no effects regarding credit transfers and invoice discounts. In this way, differentiated regimes will not arise in the event of variations. According to the law, it is possible to attach another to a Cilas communicated before February 16th to vary its content. In this case, according to an amendment, for the terms we still look at the first communication and not at the others. This decision is reflected in the condominium resolutions. Even in the event of a new resolution following the initial one, the effective date of the terms and the discounts on the invoice do not change.

At the moment, it remains to be defined how to help families and businesses left without the Superbonus due to the blocking of credit transfers and invoice discounts, introduced on 16 February.
The proposal of ABI and ANCE to allow banks to use credits in external compensation with part of the debts of their account holders and customers, assessed in a «cold» way by the Government, is removed. An alternative being studied is to allow banks, in the event of impossible compensation, to transform the credits into government bonds. The hypothesis under evaluation could concern the purchase of new sums. To become official, we will have to wait for the Finance Commission’s vote on the amendments and, subsequently, the double approval of the Chamber and Senate.

Following the numerous regulatory updates and continuous clarifications on the subject, it can be difficult for a private individual to take advantage of the various construction bonuses without incurring errors made unintentionally, which can lead to exclusion from the relevant tax breaks. Added to this is the unexpected possibility of being consequently sanctioned, both from an administrative and pecuniary point of view, perhaps putting one’s personal assets at risk. This is why, in order to protect yourself, it is strongly advisable to inform yourself in advance and take out insurance that provides suitable coverage to protect your assets, also in the context of building bonuses, such as the Lokky RC insurance solution SuperBonus 110% certification.