The “Superbonus” on construction comes under Fitch’s scrutiny. “Broadly higher-than-expected requests for Superbonus tax incentives in 2023 put Italy’s debt-to-GDP ratio on an upward trajectory,” the ratings agency said in a feature article. “The simultaneous boost to economic growth last year means that the debt-to-GDP ratio starts from a lower point, but the reduced budget margins – we read – complicate economic policies and increase tensions in the government coalition” .
Fitch recalls that the Superbonus program was introduced by the government led by Giuseppe Conte in May 2020, with the aim of supporting the recovery (following the collapse of the economy caused by restrictions and lockdowns imposed due to Covid). It provides incentives through deductible tax credits, also transferable, for an amount of up to 110% on certain renovation and improvement interventions of buildings from an energy point of view.
“The current government of Giorgia Meloni has reduced the amount of incentives and their transferability, we expect – they say from Fich – that this will lead to a significant reduction in the use of the Superbonus”. But according to the agency, the prospect of the disappearance of the most favorable conditions led to a significant increase in the use of the Superbonus in the last quarter of last year.
“The super bonus has already led to upward revisions of Italy’s budget data due to the accounting treatment of tax credits”, also following Eurostat directives.
Ficth assigns Italy a level of credit reliability, the rating, at “BBB”, two steps above the most speculative category (junck), with stable prospects (outlook). The article offers no elements on this aspect. The agency’s regulatory calendar provides that the assessment on Italy may be subject to review on May 3rd.
