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Italy Extends Tax Break After Earthquakes

by Ulrika Lomas, Tax-News.com, Brussels

04 November 2016


To support the reconstruction of areas being affected by earthquakes in central Italy, the Government has included a modified tax deduction for spending on anti-seismic measures, in the 2017 budgetary decree presented recently for parliamentary approval.

For properties located in the areas considered most at risk, the tax deduction will be usable over an extended period – from January 1, 2017 to December 31, 2021. The maximum amount of deductible spending on a property over any one year will be EUR96,000 (USD106,400), and the deduction will usable in five equal annual installments.

The basic tax deduction, amounting to 50 percent of annual expenditure, will be available for reconstruction work on single houses in the affected areas. However, the deduction could increase to 70 percent or 80 percent, if the work done affords better anti-seismic protection (according to a scale that is yet to be determined).

The deduction could rise further, to 75 percent or 85 percent, for spending on a condominium, where the maximum EUR96,000 amount of annual deductible spending will be multiplied by the number of property units in each building.

TAGS: tax | law | budget | legislation | Italy | tax breaks | construction

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