In the Official Bulletin of the Puglia Region n. 37 of 6 May 2024, is published Resolution of the Regional Council 30 April 2024, n. 548 with which the Region approved the criteria and methods of implementation of the regional law 20 October 2023, n. 25 “Circulation of tax credits”aimed at emptying the “tax drawers” of the banks, which contain the tax credits of the tax bonuses, to allow the banks themselves to grant new loans for at least the same amount.
The provision was awaited above all by companies and in particular by those in the construction sector.
The criteria and methods of implementation of the law
The resolution of the Apulian Council establishes that the two companies with total public participation having the requirements established by law, Aeroporti di Puglia spa and Acquedotto pugliese spa, although this is a case not expressly provided for by the Contracts Code, will proceed with the selection of the banking institutions from which to purchase tax credits through public notice, in application of the principle of market access, provided for by art. 3 of the legislative decree lgs. n. 36 of 2023 (so-called Contract Code).
The credits subject to transfer must necessarily be included among those subject to the most stringent regulations of the anti-fraud decree, now merged into the articles. 119 and 121 of Legislative Decree 34/2020 converted with Law 77/2020 and into the 2020 Budget Law, otherwise known as “Target Credits” and having been communicated, at the time of transfer, to the Revenue Agency starting from 1 May 2022.
The maximum annual ceiling that can be transferred by the assignors, proposed by the Technical Committee, is confirmed and it is therefore established that each Bank will not be able to offer an annual nominal value of credits exceeding €10,000,000.00; this maximum ceiling is set at €5,000,000.00 per year for the case of BCC; the framework transfer contracts, following the public selection notices, will have a six-month duration.
The criteria for evaluating one’s annual tax compensation capacity, used and proposed by the two companies, appear to be acceptable and, therefore, are quantified at 37 million for the company Aeroporti di Puglia spa and 50 million for Acquedotto Pugliese spa.
The contracts that will be signed between the banks and the two companies must provide, as a specific method of execution of the contract, the Bank’s commitment to respect the Reemployment Plan according to the times and methods provided therein; said Plan must indicate the times and methods of reuse of the freed tax capacity, through the acquisition of further tax credits relating to interventions referred to in article 119 of Legislative Decree 34/2020, converted, with amendments, by law. 77/2020, on properties located in the Apulian territory and carried out by companies with registered and/or operational headquarters in the Apulia Region on the start date of the same interventions.
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