Building bonuses, the difficult restart of tax credits between longer management times and higher costs
by Antonella Donati
While the banks continue to hold steady the acquisition of new tax credits linked to the Superbonus and other bonuses for construction, on this market – which therefore remains frozen despite the intentions of the recent “Aid decree” – the ax of the major interest rates. In fact, credit institutions are modifying the conditions of the deductions already taken over in recent months, thus making them more onerous for customers. It is precisely this queue of “old credits”, still to be disposed of, which continues to increase the overall counter of the Superbonus: according to the data ofAeneas, in May, investments admitted as deductions increased to 30.6 billion euros from 27.4 billion in April, corresponding to tax credits paid by the State for 33.7 billion (+ 10% from the previous month). This means that the amount allocated by the government, equal to 33.3 billion until 2036, has already been exceeded.
Superbonus expert: all the questions
Intesa Sanpaolo, for example, to date it has purchased tax credits for 6.1 billion (of which approximately 4 in 2022), against requests for 20 billion. The Milanese bank has updated the information sheets on its website since May. Given that the changes to the conditions involve a little all the bonuses, as regards the Superbonus, it is stated that, for the contracts concluded from July 1st, the tax credits will be purchased by the companies that apply the discount on the invoice at 87 , 27% of the nominal value, or 96 euros for every 110 euros transferred. For private individuals and condominiums, on the other hand, purchases will be 90%, corresponding to 99 euros out of 110. The same information sheets indicate that the conditions applied since last year will remain valid until June: 100 and 102 euros for every 110 euros of credits detected by companies and individuals respectively. In practice, from July onwards, those who sell the deductions on renovations will no longer be able to “make money” but will contribute, albeit minimally, to the expenses incurred. Customers are already receiving the bank’s letters, sent by Deloitte, with the new conditions. “Considering the price increases – says one of them – going down from 102 to 99 euros out of 110 is very burdensome”.
by Antonella Donati
When asked, Intesa informs that “at this stage the objective is first of all to follow up on the sale requests received from its customers by the beginning of April. The price change from July is an independent choice with respect to the current critical issues of the market and is exclusively linked to the current scenario of strong growth rates, as evident from the increase in the 10-year IRS rate. from time to time in force, up to ten years in the case of the Ecobonus “. As for the issue of the reopening of the sales and the restarting of new cases, Intesa reiterates that “the technical assessments relating to the effective applications of the regulation envisaged by the Aid decree in terms of expanding the fiscal capacity are in progress”.
Also Unicredit is reviewing the purchase costs of deductions on figures similar to those of the main competing bank (but the information sheets are not available on the site). “At the moment the purchase of tax credits is still suspended but we are evaluating solutions to resume the activity, in line with the provisions of the Aid decree” let Unicredit know.
by Valentina Conte
Similarly, Banco Bpm it limits operations to already contractual tax credits and, like Intesa and Unicredit, is changing the prices on the new positions. “The Milanese bank – explained by the credit institution – between purchases already made and purchase commitments, has essentially reached the target of 4 billion in total volumes. Having almost reached the maximum capacity of the available ceiling, Banco Bpm continues the purchase of tax credits already contracted with customers in compliance with the commitments undertaken. The start of new practices is conditional on the recovery of tax capacity. No changes in purchase prices are envisaged for contracts duly formalized with customers and not yet reached expiry, while for the new cases, within the limits indicated above, the prices have been slightly revised in order to adapt to the market situation “concluded by Banco Bpm.
“There is in place – confirms Francesco Renne, accountant of the Studio Associato Renne & Partners – a review of the conditions relating to the purchase of tax credits linked to two main phenomena: the higher bureaucratic cost of compliance with the regulations and the increase in interest rates. The price revision obviously concerns not only the 110% Superbonus but also all the other bonuses for construction and other forms of debt. The surprise of many depends on a psychological attitude on the basis of which we tend to consider the assignments of credits as transfers of goods. In reality, they are financial transactions, subject to change as a result of the increase in rates just like mortgages and other loans. On the Superbonus, in particular, the margin was so large that, as long as the rates were low, many did not notice the difference and did not think it was a financial operation in all respects “.
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