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Finance law 2024 - some clarifications

The latest update on the finance law for 2024 has introduced several innovations in the real estate sector in Italy. Here is a summary of the main changes and additions:

IMU and Municipalities: The government has granted Municipalities the possibility of publishing resolutions on IMU rates until 15 January 2024. In some cases, a third IMU installment may be necessary for the year 2023, to be paid in February 2024.

Bill Bonus: For the first quarter of 2024, an extraordinary contribution is confirmed for domestic customers holding a social electricity bonus, paid in a fixed amount based on the climate zones.

Dry tax rate for rentals: The dry tax rate has increased from 21% to 26% for short-term rentals, applicable when renting more than one apartment with short-term contracts.

Capital gains on properties renovated with the Superbonus: If a property renovated with the Superbonus is sold before five years from the renovation, a capital gain of 26% is applied on the difference between the sale and purchase price.

IMU Exemption for Some Properties: Properties intended for carrying out non-commercial activities such as welfare, healthcare, cultural or religious activities enjoy IMU exemption.

End of the benefit for young people under 36: From 1 January 2024, those under 36 can no longer benefit from the exemption from registration, mortgage and land registry taxes for the purchase of their first home. However, the state guarantee on 80% of mortgages for the purchase of first homes for young people has been extended.

Remaining Bonuses: Some deductions continue to be available, such as the green bonus for the greening of residential properties and the furniture bonus for the purchase of furnishings.

Wanting to deal more carefully with the 3 points that we consider most important, here is a brief, slightly more detailed summary:

Capital gains on properties renovated with the Superbonus: The new law provides specific tax provisions for properties renovated with the Superbonus. If a property renovated with this incentive is sold before five years from the renovation, a capital gain of 26% will be applied on the difference between the sale price and the purchase price. This means that, in the case of a short-term sale, the owner may have to pay more tax on the capital gain realized. However, if the interventions facilitated with the Superbonus have been concluded more than five years ago at the time of the transfer, the calculation of the costs relating to the property must consider 50% of the expenses incurred, provided that the incentive has been used to the extent of 110% and have the options provided by law been exercised??.

End of the relief for young people under 36: The 2024 Budget Law modified the tax breaks previously granted to those under 36 for the purchase of their first home. From 1 January 2024, this category can no longer benefit from the exemptions introduced with the Sostegni-bis decree, returning to paying registration tax, VAT and other standard taxes on real estate transactions. This change represents a major step back from the tax breaks previously given to this demographic. Despite this, the state guarantee strengthened to 80% on mortgages taken out for the purchase of a first home for young people has been extended by one year.

Confirmed Bonuses: Even if the Superbonus is now considered obsolete, other deductions remain available for those who decide to improve the energy efficiency of their property. These include ordinary deductions of 65% and 50% for a wide range of interventions, such as the installation of air conditioning, the purchase of wood or pellet stoves, and the replacement of boilers. Furthermore, the green bonus was also confirmed, which allows a 36% deduction (calculated on a spending ceiling of 5,000 euros) for the greening of residential properties. For the whole of 2024, the furniture bonus is also available, which allows you to take advantage of an Irpef deduction, although smaller than in 2023, for the purchase of home furnishings??.

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