FROM REQUEST TO RENOVATION

Alma Residence real estate offices are at your complete disposal to guide you, step by step, through the process of applying for incentives. Additionally, our design studio can provide support, ensuring assistance for the actual renovation.

EXCERPT FROM GUIDELINES

From building renovations to energy savings, 2021 is undoubtedly a year of great opportunities for those wishing to carry out renovations and construction interventions on their homes.

Numerous home bonuses have been approved and confirmed in 2021, and among them, the Renovation Bonus is certainly one of the most interesting. For this reason, we have decided to delve into it together and analyze in detail its characteristics and the procedures for requesting the deduction.

The renovation bonus, in effect until December 31, 2021, consists of a 50% tax deduction recognized for ordinary and extraordinary maintenance works in condominiums or individual buildings. It allows access to an income tax refund for expenses incurred up to a maximum of 96,000 euros. The deduction must be spread over 10 annual installments of equal amounts.

WHAT WORKS ARE ELIGIBLE?

The 50% deduction applies to:

• Ordinary maintenance, extraordinary maintenance, restoration, conservative rehabilitation, and building renovations carried out on common parts of residential buildings, i.e., condominiums (interventions indicated in letters a), b), c), and d) of Article 3 of Presidential Decree 380/2001).
• Extraordinary maintenance, restoration, conservative rehabilitation, and building renovations carried out on individual residential units of any cadastral category, including rural properties and related properties (interventions listed in letters b), c), and d) of Article 3 of Presidential Decree 380/2001).

WHO CAN APPLY FOR THE DEDUCTION?

The 50% deduction from income tax can be requested not only by the owner but also by the following subjects who incur expenses:

• Owners or naked owners.
• Holders of a real right of enjoyment (usufruct, use, residence, or surface).
• Tenants or borrowers.
• Members of divided and undivided cooperative societies.
• Sole proprietors, for properties not classified as instrumental assets or goods.
• Entities producing income in an associated form (simple partnerships, general partnerships, limited partnerships, and entities equated to these, family businesses).

HOW TO APPLY FOR THE DEDUCTION?

The renovation bonus can be used in three ways: income tax return with the recovery of 10 installments of equal amounts over 10 years, the transfer of credit, or an immediate discount on the invoice.

The request for the 2021 renovation bonus must be made when filling out the income tax return (except in cases where the credit transfer and invoice discount option is chosen), and it will be necessary to keep a series of documents for any checks by the Revenue Agency.

For those who intend to opt for the credit transfer and invoice discount, the telematic form must be submitted to the Revenue Agency by March 16 of the year following the one in which the expenses qualifying for the deduction were incurred.

Regulations available on the Revenue Agency’s website: Link