EBC, FIEC and UIPI published a joint statement today, expressing their support for the green “Superbonus” – a 110% tax discount for energy and anti-seismic renovations – recently proposed by the Italian government to relaunch the construction and real estate sectors, highly impacted by the economic repercussions of the COVID-19 pandemic.
The tax advantage will apply to renovation works billed from 1 July 2020 to 31 December 2021, with the possibility of spreading it over five years, without income requirements. The credit will either be used directly by the beneficiary or transferred to the supplier (e.g. contractor) who carries out the intervention.
EBC, FIEC and UIPI fully support the scheme, hoping that the measure will be improved in Parliament, to scale up its benefits and effectiveness. With about EUR 7 billion of investments until 2023, the scheme should promote sustainable growth, improve energy efficiency and reduce CO2 emissions. Despite the large initial public investment required, its cost should be compensated by increased tax revenues from business and job creation.
The Superbonus can set an example in Europe as a useful tool to promote a green recovery in the building sector, by setting incentives for households and companies. In the context of the Green Deal, Member States should foster similar tax incentives to encourage and support renovation decisions.