The loan for the renovation of the house enjoys tax incentives for the restructuring of assets
The legislation on benefits for home renovation loan was launched for the first time in late 1997 to revive the construction industry.
The budget for 1998 provides for the taxpayer to recognize a tax deduction equal to 41% of the costs incurred in 1998 and 1999 to a maximum of 77,468.53 euros per year for property tax, for maintenance, refurbishment and restoration of heritage buildings: the tax benefit (except a small distinction on maintenance) is responsible for the efforts made in individual apartments and for those on condominium common areas.
The budget for 2000 has also driven a number of important legislative changes, beginning with the extension of the incentive and the reduction of the deduction from 41 to 36% (accompanied, however, reduced from 20 to 10% of VAT which are then placed on these performance measures for recovery)
The incentive environment: the need to protect the environment and defend the territory against the risk of geological instability is an ally in the tool tax deduction.
2002 admitted to the financial benefit of the recovery of 36% of the cost interventions also made in 2002 for the maintenance and preservation of forests.
More news for 2003
• Tax benefits, as well as for building renovations, the responsibility for rehabilitation work with asbestos, and those useful to examine the static stability of the buildings (the extent required by the recent serious incidents caused by earthquakes);
• The amount allowed as a deduction can not exceed 48,000 euros
• When the owners of the right to deduct their age is not less than 75 or 80 years, the tax benefit can be divided into five or three annual installments (usually against the ten planned);
BUILDINGS SUBJECT of Facility
The deduction covers work done on buildings for residential, thus excluding the action taken on property other than residential units.
They are also allowed to deduct expenses incurred for housing in rural and in the relevant housing (urban or rural areas that are) are commonly defined appliances cellars, attics and garages.
WHO CAN ‘deduct
On paper, the audience of potential users of the measure shows that it can not be larger: The standard, in fact, does not speak to property owners, instead referring to property held or owned.
First, it is a Subtraction from TAX (income tax, individuals), recipients are only individuals, whether resident or not it territory.
Then, due to what mentioned above, are eligible assistance, as well as property owners, including:
• holders of real rights of enjoyment on the same (usufruct, use, or home area);
• occupiers of property under lease, loan or state concession;
• Members of cooperatives divided and undivided;
• members of partnerships;
• Individual entrepreneurs, limited to properties that are not among those instrumental or commodity.
The deduction, finally, it is also for those who perform work on their own, limited only to expenses incurred for the purchase of materials.
What interventions GRANTED
Law 449/97 accurately identify the interventions which are responsible for the deduction and identifies them with assistance for the recovery of the housing stock.
• Routine maintenance costs for the deduction is allowed only if incurred for the common parts of the condominium, unless these are not carried out simultaneously with the work of maintenance.
For example, the restoration of plaster and painting have the discount if the tax were replaced at the same time the internal partitions, support elements made of individual structural parts.
EXAMPLES OF INTERVENTIONS
Maintenance (only condoms) remake of the plaster, painting walls, ceilings and windows, both internal and external locking door porch restoration, reconstruction of interior flooring, interventions aimed at maintaining efficient and integrate existing technology systems.
Special maintenance: replacing windows and heating installations, plumbing, electrical and sanitary, closed veranda or balcony for the construction of sanitation, construction of toilets; elevator installation, modification and replacement windows, replacement reconstruction of walls and fencing, construction, elimination or consolidation of stairs, floor demolition and reconstruction, strengthening of structures.
Restoration: complete renovation of the roof, and action for the elimination or prevention of situations of degradation, construction of lifts and sliding gates, ceiling, demolition and reconstruction of internal structures of a building.
Building renovation: work to make a living roof, material changes to elevations and facades; conversion of loft in the attic or establishment thereof, construction of supporting walls, construction of the attic, replace pitched roof with solar pavement; adjustment to a basement dwelling demolition and restoration of walls, construction of balcony, opening new windows, the inclusion of scale, the inclusion of sanitation.
OTHER MEASURES ALLOWED TO BONUS
But the tax breaks do not stop at just the building restoration works on private property or condo. Covered by Article 1 of Law 449/97 and even enjoy the deduction:
• expenses for services provided relating to the operations of building renovation, including design;
• expenditure on plant adaptation to current legislation, such as the Law 5 March 1990, No 46 for electrical systems
• expenses for the construction of parking lots, garages and parking spaces, even if common ownership;
• expenditure aimed at the elimination of architectural barriers, this term obstacles to the mobility of those who have reduced or impaired motor skills
• expenses for the actions of wiring buildings;
• the costs of implementation of interventions aimed at limiting noise pollution, as defined in Article 2 of Law 447 of 1995;
• expenditure aimed at achieving energy savings. in particular for the installation of renewable sources of energy;
• expenditure on earthquake measures, with a prevalence of those aimed at the securing stability of buildings. The work must relate to the structural parts of buildings or complex of buildings connected by structural and, when referring to historic centers, must be performed on a project basis and not on single unit apartments.
Since 2001:
• adoption of targeted measures aimed at preventing the risk of potential wrongdoing by third. The term “unlawful acts”, it refers to the definition adopted by the legislature (theft, assault, kidnapping and other crime which leads to the implementation to overcome physical limits set to protect the rights legally protected).
Regarding measures to prevent the completion of the acts (which involves taking the benefit of the deduction of expenses
incurred), it provides an illustrative list:
– Strengthening, replacement or installation of gates or fences walls of buildings;
– Installation of grilles on the windows or their replacement;
– Doors or reinforced;
– Placing or replacing of locks, padlocks, bolts, peepholes;
– Installation of sensors to open and break
on windows;
– Installation of gates;
– Metal shutters with locks;
– Proof glass;
– Wall safes;
– Cameras or cameras with centers connected private security;
– Devices to prevent theft detectors and associated units.
• Interventions related to the execution of works intended to prevent the occurrence of domestic accidents.
For example, this may involve the installation of equipment for detecting the presence of inert gases, the installation of safety glass or installing handrails on the stairs.
FACILITIES FOR 2006
For 2006 the tax deduction is 41% (for a maximum of 48,000 euros) with 20% VAT.