Italian project bond, restructuring bonus with a 50% rate to be calculated on a maximum amount of 96 thousand euros, provision to unlock power plants, minibonds and reorganization of incentives. These are the pillars on which the new decree on infrastructure and transport rests (perhaps divided into two parts) which will arrive in the Council of Ministers on Friday. According to the latest data in circulation, the building measures alone are worth 5 billion and can create up to 25 jobs.
Let's see in detail what are the new arrivals:
PROJECT BOND
The aim is to encourage the issue and placement of bonds by concessionaires and project companies thanks to a favorable tax treatment, the same reserved for public bonds. According to estimates, the investments that can be activated by project bonds would amount to 10-15 billion.
BUILDING MEASURES
As regards the restructuring bonus, the executive aims 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 thus goes from 17.280 to 48 euros. To document the expenses to be downloaded, it will be mandatory to show the invoices of the payments made by bank transfers.
In order to ensure coverage of the intervention - however - the property owners will not be able to immediately enjoy the deductions, which will be spread over ten annual installments of equal amount. Only those who are at least 75 and 80 years old will be entitled to distributions over shorter periods, respectively of 5 and 3 years.
As for the bonus on energy requalification interventions, the 55% rate should not be adjusted (although it is not yet excluded that it will be lowered to 50%), but will become structural. Also in this case the discount will be divided over 10 years and will be due only to the owners of the property. In addition to the invoices, however, the technicians' report on the results that will be possible to obtain with the work must also be shown.
Two other incoming measures in the building sector concern new buildings: for these properties there is a return of VAT on sales and leases even after five years and exemption from the IMU for a maximum of three or perhaps five years.
ENERGY PLANT
This is undoubtedly the most controversial measure. 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.
REORDER OF INCENTIVES
The creation of a fund for sustainable growth of around 600 million euro is envisaged. The figure will be recovered as follows: 118 million from program contracts for depressed areas, 140 million from area contracts, 330 million from the Innovation Fund, 34,5 million from reindustrialization resources. Another billion will be activated from the revolving Fund of the Cassa Depositi e Prestiti to support businesses. Other resources could derive 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.
MINIBOND
These are bonds and bills that unlisted small and medium-sized enterprises will be able to issue to finance themselves. However, the SMEs concerned will have to satisfy some requirements: assistance from a sponsor, certification of the latest balance sheet and circulation of securities among qualified investors. Interest will be deductible on these securities – to which some tax exemptions typical of corporate bonds will be extended.
JUSTICE, REFERRAL OF SISTRI AND EXTENSION OF FACILITIES SRL
Thanks to the collaboration with the Ministry of Justice, the provision also intends to speed up the judicial proceedings. The postponement of the waste traceability system (Sistri) to 31 December is also envisaged and the extension to all Srl companies of the concessions initially envisaged only for young people under 35 years of age.
FINANCIAL AUTONOMY OF PORTS
In the field of transport, some measures of a financial nature are envisaged which concern, in particular, the financial autonomy of the ports, to which part of the VAT and excise duties (1%) obtained from the ports themselves will be destined.
NATIONAL PLAN FOR CITIES
As part of the national plan for cities, the establishment of a "control room" is envisaged at the Ministry of Infrastructure and Transport, which will select the interventions proposed by the municipalities for the redevelopment and enhancement of degraded urban areas using available funds amounting to 230 million and which can be activated for around 2 billion euro.
