Do you want to buy a property? Here are the new Bonuses to know!
Also this year the Budget Law 2023 provides various bonuses dedicated to the purchase of homes and land. These are concessions intended for citizens and, in particular, those who:
- Buy a property with energy class A or B
- He is under 36 and buys his first home
- Must make a new change of residence
- Buy agricultural land
Together with Notary Giampiero Camardella we have identified four main Home Bonuses provided for by the 2023 Budget Law. Here they are in detail:
VAT ON PURCHASES – art.1 co. 76 Law 197/2022 (Budget Law)
Those who purchase, by 31 December 2023 (barring future extensions), a residential property of energy class A or B, from the company that carried out the construction or renovation of the property, will be able to deduct 50% of the VAT from their tax return paid. The deduction is divided into 10 annual installments.
UNDER 36 HOUSE – DL 73/2021 (So called Support Decree bis)
The facilitation is aimed at promoting the housing independence of young people and concerns purchases made between 26 May 2021 and 31 December 2023. Specific requirements are needed to be able to use them such as:
- Be under the age of 36 (referring to the year in which the purchase is made).
- Have an annual income of less than 40,000 euros, certified with the ISEE model (to be presented in the year in which the purchase is made).
- Being a first time home buyer. For these subjects, the Decree provides for the exemption from registration, mortgage and cadastral taxes. For deeds subject to VAT, the purchaser accrues a credit (equal to the entire amount of the VAT paid) to be used in the tax return presented in the year following the one in which the purchase is completed. Exemption from substitute tax for mortgages aimed at the purchase or renovation of first home properties.
TRANSFER OF RESIDENCE
With the Law converting the Milleproroghe Decree, the suspension of the terms envisaged for the first home subsidies from 02.23.2020 to 10.31.2023 was ordered.
The “suspended” terms are:
- 18 months for transfer of residence. (E.g. for those who bought a house in the period between 23 February 2020 and 31 October 2023, the deadline for transferring residence will start from 1 November 2023).
- 1 year for the repurchase of another property to be used as a home, to avoid forfeiture in the event of the sale of the previous first home within five years.
- 1 year for the repurchase of the first home with the tax credit accrued with the sale of the previous first home.
- 1 year to sell old first home after buying new first home.
TAX ON THE PURCHASE OF AGRICULTURAL LAND
Currently the tax on the purchase of agricultural land is equal to 15% of the value. There was already a tax break called Small Peasant Property thanks to which the tax was reduced to 1%. The pre-existing constraints provided that the buyer was already registered with INPS as a direct farmer. However, the INPS already required an agricultural activity started of a specific size. This meant paying the full tax. The novelty for farmers under 40 who buy agricultural land is that they can now buy agricultural land, requesting the facilitation by committing to register with INPS within the following 24 months.
Always remember to rely on experienced professionals to present all the paperwork necessary to obtain the Bonus.
For this, you can contact the professional team of the Camardella notary office directly. You can contact them online and request a quote using the appropriate form on the site.