The debate on Super bonus it lit up again when the Minister of Economy, Giancarlo Giorgetti, announced further restrictions. With a strong metaphor, comparing the situation to the Vajont disaster, the minister signaled the introduction of an amendment that will lengthen the collection times of the bonus from four to ten years.
This move, described as mandatory, raises crucial questions about investor confidence and could have significant impacts on banks and building societies. The decision appears to be an attempt at stabilization with the aim of correcting the deficit by more than one percentage point of GDP within the next two years.
This measure provides for the distribution of tax credits for construction projects in ten annual installments, with the aim of correcting the deficit by more than one percentage point of GDP within the next two years.
Impact on financial statements and sector reactions
The introduction of the “credit spreader” proposed by Giorgetti was not welcomed positively by all the sectors involved. The Italian Banking Association (ABI) and the National Association of Building Contractors (ANCE) have expressed significant concerns, fearing a retroactivity of the measure which could destabilize the confidence of families, businesses and investors.
Superbonus tax credits, valued at around 160 billion euros, of which only a fraction has been used so far, represent an important part of the balance sheets of banks and construction companies.
The prospect of having to spread these credits over a longer period of ten years, rather than four, would lead to an estimated devaluation of between 10 and 15 percent, with a direct impact on the profits of banks and the financial solidity of construction companies.
The government is considering limiting the application of the new legislation only to credits arising in 2024, which could reduce the impact of the measure on already existing credits. However, if this limitation were not applied, the extension of credit spreading to all credits in fiscal drawers could have a significant effect on public debt.
According to the Parliamentary Budget Office, with the new regulation, public debt could be significantly reducedthus stabilizing the Italian State's liabilities for the entire legislature.
Reactions from Confindustria and Federcontributori
The government's announcement was not welcomed by everyone. Confindustriathrough Vice President Maurizio Marchesini, criticized the possible retroactive application of the rule, arguing that such measures compromise legal certainty and negatively influence companies' long-term investment decisions.
Marchesini also called for the establishment of a discussion table to proactively discuss future incentive measures necessary following the EU directive on the energy efficiency of buildings.
For its part, Federtaxpayers provides for legal actions against the State in the event of application of the obligation to pay Superbonus credits in installments. The general secretary Flavio Zanarella highlighted how continuous regulatory changes create unsustainable uncertainty for businesses and families, potentially leading to class actions and claims for compensation for damages.
