On topic construction bonusesfrom 1 December 2023 notification of unusable tax credits through “Credit transfer platform“. However, the procedure failed to quantify the size actually non-standard loans. Available data does not represent blocked credits. This was announced by the Ministry of Economy and Finance.
In response to question 5-01785 by Emiliano Fenu (M5S), which requested data on related stranded tax credits to construction bonuses and current information on measures to support their liquidation, State Deputy Minister of Economy and Finance Federico Freni announced that, according to what was announced by the Revenue Office, “construction bonuses were communicated as “unusable”, according to ยง 25 of Legislative Decree no. 104 of 2023, amount to date to 134 million euros.
From April 1 to November 30, 2023 (the deadline for drawing the so-called Remise in bonis) No. 156,000 notices on the first transfer or discount on the invoice regarding construction bonuses referred to in Article 121 of Legislative Decree No. 34 of 2020 for expenses incurred in in 2022.
In both cases, it is worth emphasizing the data are not representative of the phenomenon of so-called problem loans, i.e. credits that deduction holders or existing holders are unable to transfer to third parties. Unusable credits communicated under Article 25 are in effect purchased credits that the current holder believes they are not entitled to use (for reasons other than the expiry of the terms of use of the same credits) and therefore intends to ‘cancel’ (for example because the absence of constitutive conditions) and not credits that the same subject cannot assign to third parties. While the data relating to the so-called in bonis waiver refer to communications sent by entities entitled to a deduction for construction work regarding costs incurred in 2022, which were unable to notify the tax authority of the first loan transfer (or discount on the invoice) within the due period of 31 . March 2023 and that, therefore, according to Article 2, Paragraph 1 of the Legislative Decree of March 2, 2012, No. 16, they fulfilled this requirement within the deadline for submitting the first useful statement”.
At the moment, it is difficult to make a reliable estimate about the amount of tax credits blocked by the lack of a buyer and take the necessary measures to solve the problem. And mandatory disclosure of unusable credits has clearly not produced the desired results.
Please remember that Article 25 of Legislative Decree No. 104 of 2023 stipulated that “in cases where the credits not yet used, resulting from the exercise of the options referred to in Article 121 paragraph 1 letter a) and b) of the legislative decree of May 19, 2020, n. 34, transferred, as amended, by Law of July 17, 2020, No. 77, are not applicable for reasons other than the expiration of the period of use of the same credits referred to in paragraph 3 of the above-mentioned Article 121 of Legislative Decree No. 34 of 2020 is the last acquirer is obliged to inform the tax authority of this circumstance within thirty days from the day on which he became aware of the event that determined the unusability of the credit. The provisions mentioned in the previous period apply starting from December 1, 2023. In the event that the knowledge of the fact that determined the inapplicability of the credit occurred before December 1, 2023, the notification is made by January 2, 2024”.