The year 2024 marked a significant turning point for the Super bonuswith the introduction of new regulations that have drastically reduced the impact of this tax incentive.
The combined effect of regulatory changes and new restrictions has caused a sharp decline in investments and accrued deductions.
But what led to this change and what are the implications for the construction sector?
The impact of the new regulations: the “Giorgetti cure”
In March 2024, the Superbonus Decree (Legislative Decree no. 39/2024) introduced significant changes which began to show their effects as early as April. One of the major changes was the rate reduction from 90% to 70% for condominiums, completely excluding villas and single-family homes.
This marked a turning point compared to the previous 110% Superbonus, making the incentives more selective and less generous. The effects of these new restrictions were immediate and significant.
In April, investments dropped to 350 million euros, a far cry from the 4 billion monthly recorded in the previous months. In May, the decline was even more evident, with investments reduced to 121 million euros and accrued deductions under 100 million of euros and with only 248 new construction sites.
This is a clear sign of the success of the “Giorgetti cure” in containing public spending.
The spending trend in 2024: a sudden slowdown
Before the new regulations, the Superbonus had recorded continuous growth in investments. In March 2024, for example, investments had increased by 8 billion euros compared to February, driven by the rush to complete the works with the most advantageous rates of 110% and 90% by 31 December 2023.
However, with the entry into force of the new rules, this growth came to an abrupt halt.
According to Enea's monthly report, at the end of May 2024, the overall expenditure of the Superbonus had reached 122.7 billion euros. This represents an increase of just €88 million compared to April, a dramatic drop compared to increases in the billions recorded in previous months. This decline has been attributed to new restrictions which have reduced the attractiveness of the Superbonus for potential beneficiaries.
The new regulations didn't just reduce the rate. The Superbonus Decree (Law 67/2024) introduced significant restrictions such as the total block of discount on invoice and of credit assignment. These changes have further discouraged the demand for Superbonus interventions, since the beneficiaries now have to directly bear the initial costs of the works without being able to immediately compensate them with the discount on the invoice.
Furthermore, the mandatory installment of deductions over ten years, introduced retroactively, represents a further disincentive for anyone considering new renovation interventions. This measure, in fact, significantly lengthens the recovery period of tax deductions, reducing the immediate liquidity available to property owners.
