Construction, agreement in Abruzzo to release 110% tax credits

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What is being born in Abruzzo is a pilot project for the transfer to industrial companies of stranded tax credits generated by the bonuses that have been in the belly for months now in the construction companies. A real exchange of credits: to offer them are the companies of the regional Ance, to buy them the companies of the Confindustria system. First Teramo, then Chieti Pescara, with Viale dell’Astronomia following with interest what could become a model capable of overcoming, in the mutual interest of the parties, the current block created by the disengagement of credit institutions and high interest rates practiced by financial companies.

After the banks transfers to companies

So after banks and big energy players, companies could also take the field: it is clear that those who buy do so for interest. The pricing of the 110% fixed by credit institutions currently fluctuates between 95% and 97%, companies could acquire it between 85% and 90%, with a discount of around 20-25%. An undoubted advantage, because they would have a credit of 110% to offset with their own F24s, thus obtaining an investment whose estimated annual return fluctuates between 7 and 8% per year, significantly higher than the average currently guaranteed by the market. «Following the amendments to the art. 121 of the Relaunch Decree on the liability of transferees established by Legislative Decree 11/2023, law no. 38 of 2023 has in fact intervened on the joint liability regime, clarifying its perimeter in order to offer a framework of certainty to the operators involved», says Antonello Cozza, lawyer and partner of KPMG Italia. The company has already been assisting some of the main banks and various players in the energy market for some years and, in this segment, deals with the due diligence that precedes the transfer and guarantees the transferee on the quality of the credit, with the issue of a comfort letter . This is because the culpable contribution to the violation «today is no longer configurable for assignees who are in possession of a series of documents relating to the works that gave rise to the tax credits and who carry out due diligence activities on said credits».

Over 2 billion in deduction

According to Ance Abruzzo, the interventions supported by the Superbonus throughout the region increased from 2,500 in 2021 to 7,500 in 2022, with an increase of 300%; there are 11,000 construction sites and the investments eligible for deduction have gone from 554 million recorded in 2021 to over 2 billion in 2022 with a percentage of works completed equal to 75.6%. «The entry into the field of companies in the industrial sector – underlines Antonio Piscione, president of the association of accountants of Pescara – is fundamental, but it must not happen by chance: it is necessary to prepare a purchasing strategy based on financial and fiscal planning, assessment of convenience, verification of the transferor’s credit and provision of a good transfer agreement”. Confindustria Chieti Pescara has launched a verification of the interest of its members and the president Silvano Pagliuca says he is optimistic “for an operation to stimulate companies in support of the construction sector, which is a driving force for the whole economy”. The identikit of the buyer of problem loans? «Companies that have the prospect of paying a lot of taxes should take advantage of this opportunity – observes Cozza -. And, in particular, they are those that have a few hundred employees. I am thinking, for example, of the brands of large-scale food distribution, which will be able to discount the social security contributions due to workers on a monthly basis».

The declarations of Emanuele Orsini

Outside of the emergency, however, Confindustria continues to ask the government for a prospective vision on the facilitating instruments based on the energy and seismic efficiency of buildings. “Both the need to support investments with attractive rates, and that of not burdening the state budget too much will have to be reconciled – underlines Emanuele Orsini, vice president of Viale dell’Astronomia for credit, finance and taxation -. Considerations that become even more necessary in view of the implementation of the tax law, which will be accompanied by an extensive review of tax expenditures which will also affect those connected to the home property”.