Construction work without paying anything, house renovation for free: Thus the 110% super reward was presented as non super plus Build rewards, but now for many, disappointment can turn into an insult. In fact, if the maximum funds were touched last week as the available resources depleted, the banks are now preventing the purchase of credits.
Indeed, if it is true that the application for access to the construction bonus can be submitted until June 30, then work may not start even for those who take risks even for those who have already activated the procedure and signed the contract with the construction companies. But the real joke could be for condominiums who have already collected part of the incentive but, due to the super-reward ban, risk leaving their job halfway. In this case, the revenue agency may request a refund of the credit with a lot of penalties.
But let’s go in order.
This arose due to the news of the exhaustion of available funds and then many letters and phone calls were sent from credit institutions informing their customers that they would no longer bill the work related to the bonus. “The law imposes, on all market operators, limits on compensation stating that tax credits each year, such as construction credits, cannot exceed the level of compensable taxes and bank contributions,” wrote Intesa San Paolo, explaining how the credit institution could not Proceed by “signing the Balance Transfer Agreement”. A similar situation happened with Poste Italiane, Bpm and Unicredit.
So what happens now? Most construction companies have included a clause requiring the start of construction sites to purchase credit by the bank: therefore, construction sites that have not yet started will not start. Business withholding of inevitable open construction sites without approval from the credit institution with loose scaffolding and companies at risk of bankruptcy: According to Confartigianato, 30,000 companies are at risk while tax credits for companies that have admitted deduction on the invoice are not monetized through sale, it will amount to 2.6 billion euros.
But there are more serious consequences, namely that the companies that have been forced to stop the business have already started and where the condominiums have already collected a portion of the credit. The only way forward is for the government to lend its hand to the wallet by super-bonus refinancing as already happened last year, and to introduce a transition period to allow credits purchased by banks to be offset by having institutions redeem operations as also required with 5 star movement. The movement, the main sponsor of the measure, proposed for credits purchased after January 1, 2022, and the possibility of banks and insurance companies for “other use” to subscribe to the issuance of multi-year treasury bonds with a maturity of not less than 5 years.