Superbonus: Blocked Construction Sites, Businesses and Employees at Risk

Superbonus: a dramatic situation

Construction sites stopped, thousands of euros in tax credits blocked and many jobs at risk: this is the current situation regarding the transfer of credit.
The ANCE – National Association of Building Contractors – has estimated that the stalemate that was created on the superbonus for building renovations it amounts to €15 billion in tax credits and is blocking 90 thousand construction sites.
A dramatic situation that was created mainly due to the banks having reached fiscal capacity, equal to €81Bn, while the total «turnover» of construction bonuses reached €110Bn, a figure much higher than the €72Bn initially estimated.
According to the Unimpresa dossier, the superbonus alone is worth €61 billion, a good €25 billion more than the initial estimates: it means that the forecast error corresponds to a deviation of 70%; the other construction bonuses (façade, fixtures, etc.) instead created business worth €49B, €13B more (+36%) compared to the estimated €36B.

Superbonus: devaluation

At the moment the 110% Superbonus credits continue to decline. In fact, the value paid by the banks reaches 82% of the sums foreseen for the interventions that fall within the maxi deduction introduced by the Relaunch decree. There “devaluation” by financial intermediaries is 28% compared to the amounts paid for the works. Furthermore, this value is the one attributed to credits that still fall within the maximum deduction of 110%, for 90% the situation is different as new practices are not accepted at the moment. In essence, therefore, for the works started from 1 January 2023 the transfer of credit is blocked.

To try to unravel the situation, which was not resolved with the interventions envisaged first in the Quater Aid decree and then in the relevant conversion law, Regions and local authorities are also entering the field. These entities are moving to purchase the amounts blocked in the tax coffers of taxpayers, citizens and businesses. At the moment the Piedmont region was the first to move in favor of businesses and workers, making €50 million available, an example that is also influencing other regions to go in the same direction, such as Sardinia, Lazio, Abruzzo, Puglia and Umbria.

Superbonus: SACE’s SupportItalia Guarantee

Among the new liquidity instruments arriving, an extraordinary instrument provided for by the Quater Aid decree and dedicated to Italian companies affected by the negative economic effects deriving from the Russian-Ukrainian crisis: the SupportItalia guarantee from SACE. This is a guarantee with subsidized conditions on loans provided by financing entities which can be used to support new investments, working capital, personnel costs, rental payments or business branch rental. The Supportitalia Guarantee was launched by SACE at the end of July 2022 within the limits of the €200 billion ceiling of state guarantees already allocated by the Liquidity Decree during Covid and was then extended until the end of 2023.

Meanwhile, to give taxpayers more time, the extension of the deadline for communication to the Revenue Agency of expenses incurred in 2022. The deadline was originally scheduled for March 16 but has now moved to the end of the month, March 31, 2023. The calendar thus aligns with that expected for the work already begun on the detached houses and detached houses.
The extension is provided for by a Government amendment to the law converting the Milleproroghe decree, approved by the Senate Budget Committee. It will then be necessary to pass through the Chamber, first to the Senate and then to the Chamber. The official announcement should therefore arrive by February 27th.
Initially the planned postponement was broader, from 16 March to 16 June 2023. In the approved version, however, only 15 more days were granted.

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 also the unexpectedness of being able to be accordingly sanctioned, both from an administrative and pecuniary point of view, perhaps putting their 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 insurance solution Lokky RC Asseveration Super bonus 110%.