The financial coverage is still uncertain, but, after the last bets made by referrals and controversieswe should be there. The new development decree could land in the Council of Ministers this Friday. Corrado Passera's technicians therefore have little time left to make peace with the State Accounting Office. The decisive turning point could come with a tax increase on the policies of foreign insurance companies active in Italy, but the game is not over. “We are still working on recovering the necessary resources – Passera said yesterday -. I assure you that we will find them."
Let's get to the contents. The latest draft of the provision, anticipated by Ansa, is made up of 37 articles on 47 pages. The government's objective – we read – is "to promote sustainable growth and the creation of new jobs, while respecting the need for rigor in public finance and social equity". The most awaited measure appears in article 1: a "Fund for sustainable growth" which reorganizes the system of incentives and repeals 43 "provisions", i.e. the laws which, from 1954 onwards, instituted the various business aid.
Today Prime Minister Mario Monti, speaking in the House for urgent information, he assured that the Executive will provide "in the next few days with another small concentration of measures for growth", but - warned the Professor - "it will take time for these measures to bear fruit".
Now let's see in detail what are the main measures contained in the draft:
FUND FOR SUSTAINABLE GROWTH
It arises from the special revolving fund established in 1982 and will be used "to finance programs and interventions". The aim is to promote research, development and innovation projects, also strengthening the international presence of Italian companies and encouraging foreign investments. The Minister of Economic Development - in agreement with the head of the Economy - will define the priorities, forms and maximum amount of aid to be granted through tenders.
In recent weeks it was said that the fund's endowment would be around 600 million euros, to be recovered as follows: 118 million from program contracts for depressed areas, 140 million from area contracts, 330 million from the Fund for innovation, 34,5 million from resources for reindustrialisation. Another billion could be activated by the revolving Fund of the Cassa Depositi e Prestiti to support businesses. Still other resources could come from the 2015 Industry Fund, from subsidies for underutilized areas and from those for extraordinary intervention for the South, from funds for the mining sector and electronic commerce.
35% TAX BONUS FOR QUALIFIED HIRINGS
The draft mentions a tax credit of 35%, with a maximum limit of 200 euros, for companies that will hire highly qualified personnel (graduates and specialists) on a permanent basis. In one of the previous versions of the decree, a 100% bonus was envisaged, with a ceiling of 300 euros.
BONUS FOR RENOVATIONS
Possible measures in the field of construction had already been discussed in the previous drafts of the decree. These are costly measures, over which the tug-of-war between Economic Development and the Treasury is particularly intense. It is possible that they will be completely deleted.
As regards the restructuring bonus, Economic Development aimed to raise the deductible rate from 36 to 50%, also increasing the maximum amount on which to calculate the bonus from 48 to 90 euros. The ceiling of possible savings on each home would thus go from 17.280 to 48 thousand euros, but the deductions would be spread over ten annual installments of the same amount.
ENERGY PLANT
The goal is to unlock the construction of energy infrastructure, giving the green light to private investments of over 10 billion euros. These are above all regasifiers and gas pipelines. The ministry will appeal to the Prime Minister to overcome the obstructionism of the Regions in cases where there is still no agreement, despite the fact that the administrative procedure has concluded and the environmental impact assessment has had a favorable outcome.
SISTRI POSTPONED TO DECEMBER 2013
Postponement until 31 December 2013 for the entry into force of the Sistri (the waste traceability control system), in order to prolong the checks on the functioning of the system.
DEROGATION 7 MILES FROM THE COAST FOR HYDROCARBONS SEARCH
Confirmed the limit of 12 miles from the perimeter of protected marine and coastal areas for the exploration of hydrocarbons. However, the threshold may be "reduced, up to no less than 7 miles - reads the draft -, for the activities identified in agreement between the ministers of economic development and the environment", in relation "to the objectives of the national energy policy ”.
