110% credits: there is a strong risk that they will soon be cancelled. The repercussions would be devastating

Superbonus stranded credits are affecting the reclassification of Eurostat accounts and may become unusable. November 30 represents the deadline for communicating to the Revenue Agency the transfers of tax credits accumulated in 2022. This critical date also marks the conclusion of the late census launched by the administration to evaluate the vast amount of credits that could be lost without transfer or remain pending at the Agency.

Eurostat, after issuing a warning in September, is awaiting further developments. There is a tendency to reclassify problem loans since their size is considerable, resulting in a review of the impact of the Superbonus on the public budget. According to data from the Revenue Agency at the end of August, 17,860,580 transactions were transmitted to the platform, for a total value of 146.8 billion euros, of which 23.2 billion were compensated in the F24 form.

Currently, it does not appear that the Ministry of Economy is particularly worried, continuing to hope for an increase in purchases by banks or post offices. However, financial institutions are proceeding cautiously, making small-scale disposals that do not resolve the issue. For companies there was the possibility to choose between disaster and transferability: now we are heading towards disaster.

During a hearing on the budget law, the Association of Italian Banks (ABI) highlighted the efforts made by the banking sector to revive the credit purchase and sale market, recognizing however that this takes longer than other direct solutions. Giovanni Sabatini, general director of the ABI, mentioned several initiatives that had been hypothesized in the past to facilitate the purchase and transfer of credits, but which had not been implemented for various reasons.

On 25 September, Eurostat requested clarification from Istat on the classification of problem loans. Without assignment, the 2022 credits could become waste paper and would be considered non-recoverable, resulting in a revision of the current classification of Superbonus costs as recoverable. The hypothesis of a voluntary certification of the transferor by the Financial Police has been abandoned, therefore the November 30th deadline is looked at with concern, at the moment without immediate solutions and without a precise evaluation of the quantities of credits to be disposed of or which risk being become unusable.

During the hearings on the measure, the National Association of Building Contractors (ANCE) asked for an extension of the Superbonus to allow the completion of the works in progress, underlining the difficulties that arose due to the regulatory and application chaos of the instrument. Confeditore raised the issue of the taxability of increases in the value of properties due to the Superbonus, underlining the need to review the law to avoid potential temporal inconsistencies in the evaluation of capital gains.

The repercussions of the cancellation of the credits would be very strong and devastating: the decisions on the cost-effectiveness of the renovations were taken on the basis of the superbonus and someone will have to pay the bill, among condominiums who requested the works or companies that carried them out with the hope of the sale of credits. One of these will be found in big recoveries, and since it is more than one, the repercussions will be considerable on the economy.