The recent amendment regarding the Superbonus, or the “credit spreader”, has introduced important changes on the methods of using tax deductions.
The government's amendment has I imposed the ten-year spreading of the deductions obtained through Superbonus, Sismabonus, and the bonus for the elimination of architectural barriers, radically changing the previous approach.
These changes not only affect the direct beneficiaries of the deductions, but also banks and businesses that operate with the tax credits. The OK from the Senate is expected today.
But who will really be affected by these news? And what strategies can companies and individuals adopt to navigate this new tax scenario?
Let's find out together what the prospects and challenges await the various actors involved.
Who is affected by the ten-year spreading of deductions?
L'obligation to spread the tax deductions over ten years concerns all those who intend to take advantage of the Superbonus and similar bonuses starting January 1st of this year. This rule applies exclusively to taxpayers who directly hold the credits, i.e. those who have not opted for the invoice discount or for the transfer of the credit to third parties such as banks or other companies.
This measure directly affects private citizens and condominium owners who hoped to be able to quickly offset the expenses incurred with immediate tax savings.
For condominiums who have already started work by approving the projects by November 2022 and filed the Cilas by December 2022, there is still the possibility of benefiting from the 70% deduction and take advantage of the discount on the invoice.
This is a time window that allows these subjects to complete the work while still taking advantage of the favorable conditions previously established. However, the availability of banks or businesses willing to apply such discounts may be reduced due to new regulations limiting the use of tax credits.
Limitations on the use of credit for banks and financial intermediaries
From 2025, a new regulation will significantly limit the ability of banks and financial intermediaries to use tax credits to offset social security and insurance debts to bodies such as INPS and INAIL. This measure aims to prevent these entities from excessively exploiting the tax advantages deriving from the Superbonus credits, which were initially intended to incentivize building interventions for energy improvement and structural safety.
Banks, which have accumulated large tax credits through third-party purchases, now face a significant obstacle. The “fiscal capacity”, or the ability to use these credits, may not be sufficient to absorb the total value of the credits held, risking losing the excess value.
This could result in a considerable financial impact for the most exposed banks.
Despite the restrictions introduced, some entities remain outside the scope of application of these new rules. Construction companies that have benefited from the invoice discount and companies that have Superbonus credits on their balance sheets are not subject to the new regulation on compensation. Furthermore, the Italian Post Office represents a special case; despite being subject to banking supervision obligations, they do not fall into the category of financial intermediaries provided for by article 106 of the Consolidated Banking Act and can therefore continue to offset tax credits with INPS and INAIL contributions.
The amendment also introduces a provision aimed at counteracting ppotentially speculative trades in the tax credit market.
From 2025, banks and financial intermediaries that acquire credits deriving from the superbonus or the sismabonus at a price less than 75% of their nominal valuethey will not be able to use them immediately for compensation but will have to distribute them in six annual installments.
This provision is intended to discourage the speculative purchase of credits at greatly reduced prices, a practice that could undermine the effectiveness of fiscal incentives intended to promote the redevelopment of the national building stock.
