Renovations Construction: Tax Facilitation

Extension to 31/12/2012 of 36% deduction on renovation costs

The Tax Agency has republished its detailed guide to building renovation facilities, a practical tool updated to the novelties introduced by the 2010 Italian Finance Law, namely the extension:
• at 31 December 2012 of the deadline for deducting 36% deduction on restructuring costs
• As of June 30, 2013, the deadline for the purchase of property restructured (but always before the end of 2012) by construction companies or cooperatives. The allowance consists of a discount from the NPFF of 36% of the costs incurred for restructuring:
• maximum spending amount: € 48,000
• Maximum deduction amount: € 17,280 (ie 36% of 48,000). Work and materials are also subject to a VAT rate of 10%.

Beneficiaries are all natural persons who own a property in any way (ie the owners but also those who are renting or using usufruct).

The eligible activities and expenses cover all ordinary and extraordinary maintenance, conservation and building renovation, with regard to the following expenses:
• design, consulting, expertise
• work execution
• purchase of materials
• putting in place electrical systems and methane systems
• Work compliance report
• taxes and other bureaucratic costs (VAT, stamp duty, concessions, authorizations and commencement of work)
• infrastructure costs.

To begin the procedure you must fill in a special form for the communication of work start and send it to: Pescara Operational Center – Via Rio Sparto, 21 – 65100 Pescara.