Curbs on costly home incentives cause split in Italy's coalition

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Curbs on costly home incentives cause split in Italy's coalition
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Pro-Palestinian encampment at Dalhousie University - May 13, 2024 | SaltWire #news #halifax #protestROME - Italy's ruling coalition was divided on Tuesday over the approval of new curbs on costly incentives for home renovations, with the moderate Forza Italia party refusing to back the Treasury plan, saying it would harm banks and business.

Under a plan championed by Economy Minister Giancarlo Giorgetti, a leading figure in the co-ruling League party, the impact of tax credits stemming from the Superbonus scheme would be spread over 10 years. The provision retroactively applies to payments incurred since January. The amendment also rules that lenders who have bought tax credits will have to use them to cut their tax bills over six years from 2025 onwards. The measure does not apply to banks that have purchased credits at 75% of their face value or more.

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