Building renovation: updated guide to deductions of 50% of the Decree Development
The guide to tax breaks for building renovations Revenue Agency has been updated to the latest innovations introduced by the Development Decree. The text is a handbook that explains how to properly request the benefit and to navigate between the various formalities required by law in order to obtain the deduction of income tax expense from tax.
The legislation has been amended several times and the guide follows the evolution bringing the latest news. First of all the increase of the percentage of expenditure to be deducted, dal36 temporarily increased to 50%, up to 30 June 2013 (maximum € 96,000). About the application of the benefit is schematized by 36 or 50% depending on the tax period of reference of expenditure:
For the tax year 2012
- The 36% deduction for expenses incurred up to June 25, 2012, for a maximum amount of EUR 48,000
- Deduction of 50% for expenditure incurred from 26 June 2012 to the end of the tax period, for a maximum amount of 96,000 Euros, net of costs already incurred at that date, however, within the limits of 48,000 Euros, for which remains stop the deduction of 36%.
For the 2013 tax period
- Deduction of 50% for expenditure incurred from the beginning of the tax period up to 30 June 2013, for a maximum amount of € 96,000, taking into account - in the case of mere continuation of the work - the costs incurred in previous years
- The 36% deduction for expenditure incurred from 1 July 2013, for a maximum amount of 48,000 Euros.
- The guide incorporates, as ascertained by the Ministry of Economy with regard to interventions across two consecutive years. 'In determining the upper limit of expenditure deductible - explain the Revenue - must take account of the costs incurred in those years: you will be entitled to relief only if the expenditure for which you have already received the relevant deduction did not exceed the overall limit expected. "
Building renovations, tax incentives, guidance of the Revenue
20/09/2012
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Translated via software
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Source:
Italian version of ReteIngegneri.it