(Finance) – The super bonus pushes construction costs, which have risen by around 20% in three years. This is explained by a study by two analysts from the Bank of Italy, Francesco Corsello and Valerio Ercolani, according to which around half of the price increases are attributable to the Superbonus. The Superbonus, the two economists recall, “is one of the largest fiscal programs” implemented in Italy after the outbreak of the pandemic.
This is a “generous” tax credit for specific types of building renovations, in particular related to building improvementsenergy efficiency and seismic resilience. Until March 2024 – before the entry into force of Legislative Decree 39/2024 – in many cases it could be used not only directly by the beneficiaries as a discount on their tax debts, but also transferred to third parties or exercised as a discount on the invoice, “making it in principle also attractive for individuals with relatively low tax liabilities or low liquidity.”
Its impact in terms of public costs accrued in net debt, according to the assessments of Corsello and Erolani, would amount to almost 1%, 3% and 4% of GDP in 2021, 2022, 2023, respectively, for a total budget of over 150 billion euros. In fact, the researchers explain, since April 2024 the use of the Superbonus, at least for its most significant component relating to improvements in energy efficiency, “has practically stopped”.
Construction incentives, the report states, would have contributed to approximately half of the increase in these costs between September 2021 and December 2023.