The Ministry of Economy and Finance and business associations are looking for solutions for the stranded Superbonus credits. On the table, writes Il Sole 24 Ore, there would be three speeches: one new guarantee from Sace, extension of wire transfers for houses and finally a can moratorium on the regularity of company contributions.
The objective of unblocking tax credits and invoice discounts that remained stranded after the adoption of decree 11 of 17 February 2023 remains a priority to restart the circulation of building bonuses and give oxygen to taxpayers and construction companies.
Superbonus and problem loans: three solutions
New Sace guarantee
To release non-compensable tax credits, a new guarantee is being developed by Sace. But how would that work? The company that has the problem credit in its "belly" would sell it to another company which would in turn request a loan from the bank to obtain liquidity. At this point the credit institution would provide a bank advance and would obtain the tax credit as a guarantee that would be counter-guaranteed by Sace. Only when he is able to offset the credit, the assignee will be able to repay the bank for the advance. Otherwise, if he fails to have the necessary capacity, the guarantee of Sace would come into play. In a nutshell, the new guarantee would cover the risk - for those who buy the bonuses - of not being able to offset the credit, and would allow banks to overcome the problem of buying too many tax credits.
At the moment, however - underlines Il Sole 24 Ore -, the proposal has only been discussed but not finalized. For example, Sace itself has not yet been officially involved. In any case, the proposal will have to be examined by Brussels for the compatibility with state aid rules. And it would take months before we get the green light from the EU Commission. In the meantime, Sace is reportedly working on new guarantees to alleviate the burden of the increase in loan installments following the rate hikes by the ECB.
Extension 110% of three months
There would be the possibility to extend from 30 September to 31 December 2023 – in compliance with the constraints currently envisaged – the time frame for completing the works and transfers which still allow access to 110%. But always the same condition: having carried out at least 30% of the work as of 30 September 2022.
Therefore, the intention is to favor taxpayers and those companies that have started interventions but which, due to the delays in the progress of the construction sites, need additional time to define the works.
Among the solutions for Superbonus substandard credits: the moratorium
The moratorium, in theory, would represent a blocking civil actions and foreclosures for those who have failed to collect their credits in full. It means giving the company in difficulty a chance to recover. The main objective would be to define a measure without altering the functioning principles of the market. But the margins of the operation are very narrow, because the technical feasibility must be evaluated but the mid-August break is approaching.
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