Superbonus or Ecobonus 110
As part of Italy’s ‘relaunch’ policy to aid the economy after the effects of Covid-19, a generous tax relief package on property renovation works has been put in place. It covers certain types of work and even applies to second homes as the credit can be sold to a bank or company.
The ecobonus 110 is a tax deduction of 110% of the expenses incurred for energy efficiency improvements and seismic risk reduction.
It will be valid for expenses incurred from 1st July 2020 until 31 December 2021, although is expected to be extended into 2022 for some qualifying properties.
It does not apply to luxury properties such as castles and stately homes.
This tax credit can be set against the Italian tax liabilities of the property owner, over five years. It is of interest also to foreign owners of Italian properties (whatever their country of residence) because it is transferable to third parties.
Property owners can trade the credit to third parties, or set it against their own suppliers`invoices, thus effectively having the costs of the property improvements paid for by the Italian Revenue.
The superbonus is valid for the costs for:
- Insulation affecting the exterior of the building of at least 25% of the area.
- Replacement of boilers with centralised condensing systems.
- Reduction of seismic risk on the building.
The additional works below can also be covered by the superbonus as long they are carried out with at least one of the above:
- energy efficiency measures
- installation of photovoltaic solar systems
- Electric vehicle charging infrastructure
In order to qualify for the 110% ecobonus the works carried out must ensure an improvement of at least two energy classes.
In addition, the works must be carefully planned and covered by a technical compliance report by an architect, geometra/surveyor, or engineer, and certified by an accountant.
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