Coronavirus is certainly one of the worst events that have occurred over the last century. However, as it often happens during calamities, it has given new impulses towards change and improvement.
One of the impulses born as a result of the COVID emergency concerns the construction industry. In fact, in July 2020 the announced Superbonus 110% became law in Italy.
But what does it consist of, exactly, and who can benefit from it?
BENEFICIARIES ADMITTED TO THE BENEFIT
• Natural persons who own or hold the property (for example owners, bare owners, life tenants, tenants and their families);
• IRES subjects (and in general the holders of business or professional income) for the participation in the expenses for leading interventions, carried out on the common parts of buildings;
• Autonomous social housing institutes (IACP);
• Housing cooperatives with undivided ownership, for interventions carried out on properties owned by them and assigned for use to their members;
• Non-profit associations
• Amateur sports associations and clubs – limited to works intended solely for buildings or parts of buildings used as changing rooms.
BUILDINGS THAT CAN BENEFIT FROM THE SUPERBONUS 110%
The Superbonus refers to works carried out on:
• Single-family buildings or for real estate units located inside multi-family buildings (condominiums, terraced houses, etc.) that are functionally independent and have one or more independent accesses from the outside;
• Common parts of multi-family buildings.
Works on residential real estate units belonging to the cadastral categories A1 (stately homes), A8 (villas), A9 (castles) are excluded.
Both first and second homes can benefit from the Superbonus 110%.
The Superbonus is due in case of works concerning:
• Thermal insulation works on buildings
• Replacement of winter air conditioning systems on the common parts;
• Replacement of winter air conditioning systems on single-family buildings or on property units of functionally independent multi-family buildings.
• Anti-seismic works: the deduction already provided for by the Sismabonus is raised to 110% for the expenses incurred from 1 July 2020 to 31 December 2021.
In addition to the leading works listed above, the Superbonus 110% also includes the expenses for works carried out together with at least one of the main works of thermal insulation, replacement of winter air conditioning systems or reduction of seismic risk. And in detail
• Energy efficiency measures;
• Installation of photovoltaic solar systems;
• Infrastructure for charging electric vehicles.
The law sets the cost limits of the works beyond which the 110% bonus is not allowed:
• For the thermal insulation works the cap goes from € 30,000.00 to € 50,000.00 based on the kind of building subject to the works
• For the works to replace winter air conditioning systems, the cap goes from € 15,000.00 to € 30,000.00 based on the number of housing units
• For the solar panels the expenditure cap is equal to € 48,000.00 and in any case € 2,400.00 for each kw of the system for each individual home.
The bonus is recognized to the extent of 110%, to be divided among those entitled in 5 annual installments of the same amount, to be deducted from the annual taxes within the limits of the capacity of the annual tax resulting from the tax return.
As an alternative to the direct use of the tax deduction, it is possible to opt for an advance contribution:
a. in the form of a discount from the suppliers of the goods or services
b. assignment of the credit corresponding to the deduction due
The credit assignment can be arranged in favor:
• The suppliers of the goods and services necessary for the implementation of the works;
• Other subjects (individuals, including self-employed or business activities, companies and entities);
• Banks and other financial intermediaries.
It sounds like a great chance to improve your home, live more comfortably, protect the environment and save some money.
Are you ready to start?