Simpler first home bonus for young people. The instructions from the Revenue Agency have arrived for those who are under 36 years old and intend to buy a property. The measure, extended via Milleproroghe, is accessible with ISEE not exceeding 40 thousand euros and can be used until 31 December 2024 for those who registered the preliminary application by 31 December 2023. Purchasers who have stipulated a definitive deed between 1 January 2024 and the date of entry into force of the new provision (29 February 2024) are instead granted a tax credit which can be used in the year 2025. With a circular l The Revenue Agency recalls the instructions on the tax credit and “opens” (again for contracts stipulated in 2024 by 29 February) to the ISEE obtained subsequently, provided it refers to the same family unit. But let’s see what we know.
What does the “first home under 36” bonus consist of?
The concession provides various advantages. These include exemption from paying registration, mortgage and land registry taxes and, in the case of a purchase subject to VAT, a tax credit is recognized equal to the tax paid for the purchase. They should not be forgotten concessions also for financing linked to the purchase, to the construction and renovation of the property: the substitute tax for registration, stamp duty, mortgage and land registry duties and taxes on government concessions is not due.
Who is affected by the extension
More in detail, the circular recalls that a tax credit is recognised, «usable in 2025, for an amount equal to the taxes paid in excess: to benefit from it, it will be possible to make a declaration to the notary, with a supplementary deed, in which the taxpayer expresses the desire to take advantage of the benefit and declares that he/she meets the requirements. This supplementary deed can also be stipulated after 31 December 2024, but obviously within the deadline for using the tax credit”.
The instructions on the ISEE
To access the bonus it is also necessary to have, at the time of the deed, an ISEE value not exceeding 40 thousand euros per year. In this regard, the circular specifies that, for deeds stipulated before the entry into force of the extension, it is possible to demonstrate compliance with the requirements if, even at a later date, one is in possession of an ISEE valid in 2024 which is reference to the same family nucleus existing on the date of signature of the deed. Finally, the circular provides instructions for benefiting from the tax credit in the event of a repurchase, addressing the topic with some examples depending on whether the purchase deed is subject to registration tax or VAT.
