Building Renovations: News on the Stability Act
The Stability Act 2014 has modified some fiscal incentives expected for the works of building renovations. Stability Law article 1, comma 139 has introduced the following innovations:
the measure to detract 50% of expenses undertaken from January 26th 2012 has been extended to December 31st 2014;
Introduction of the measure to detract 40% of expenses carried-out from January 1st 2015 to December 31st 2015.
With exception for the interventions of building restorations relative to the adoption of the anti-seismic measures and for the execution of the works to ensure the static security carried-out on the structural parts of buildings, which are detractable in the following ways:
65% for the expenses undertaken until December 31st 2014;
50% for the expenses carried-out from January 1st 2015 until December 31st 2015;
a further 50% detraction for the purchase of furniture or big household appliances not below Class A+ (A for ovens), for the purpose of furnishing properties under renovation, has been extended from June 6th 2013 to December 31st 2014 (the detraction must be calculated on an overall amount not over 10.000 euros and divided into 10 annual fees of equal amount).
The maximum detraction per property of gross tax remains at 96.000€.
