Superbonus, the work-saving plan: one year extension for the assignment of credits

Government and Parliament are looking for a (difficult) solution to reactivate the Superbonus and save the 30,000 companies that, according to the Cna, are in danger of bankruptcy. In the aid decree, which next week will enter the heart of the discussion in the Chamber, a rule could be approved to allow companies to “keep” the credits in their tax drawers while waiting to find a buyer. To understand why this rule is important, it is necessary to take a step back. Banks stopped buying tax credits from building bonuses. So the market froze. And the whole mechanism has jammed. The match remained largely in the hands of construction companies. Many of them accepted jobs without being paid directly by the clients, but using the invoice discount system. In practice, the State should pay through the tax bonus. Until a few months ago these companies were certain that a bank, the post office, the Cassa Depositi e Prestiti, or even another company, would buy that credit providing the necessary liquidity. Which in turn would serve to pay suppliers and workers. Without being able to assign credit, companies are in trouble. Several are now at the gas barrel.

Superbonus blocked by the banks, they will no longer discount the invoices for the works: 33 thousand companies at risk of default

THE CRY FOR HELP
The cry of alarm has reached Parliament, where the aid decree is under discussion. The president of the Productive Activities Commission, Martina Nardi of the Democratic Party, has been working for some time on joint action by all parties to try to launch a life jacket to the measure and, therefore, to the entire sector. A series of “shared” amendments have been presented to the House and will be voted on probably starting on Monday 20 June. On some of these, discussions with the government would seem easier. The first change that is being worked on is a sort of credit-saving for businesses. Construction companies that have accepted jobs with discounts on invoices in 2021 and have not yet managed to sell them to banks will be able to keep the credit (which would expire in 2022) in their tax drawer for another year if not more. One way to avoid that companies that have already carried out work do not collect anything (in this situation, according to the Cna, there would be jobs for 2.6 billion euros). The second intervention is an enlargement of the number of potential purchasers of tax credits. Today, construction companies can only sell their credit to banks. Which in turn can exchange them among themselves or, after two empty passages in the banking system, can sell them to a large client company that has debts with the tax authorities and can therefore offset the credit.

THE PASSAGE
The idea is to extend this “fourth transfer” to all current account holders with a VAT number and with a balance sheet of more than 50,000 euros. In short, if the bank has a client in debt to the tax authorities, it would sell him the credit of the construction company in order to allow him to be compensated by guaranteeing him a small profit on the operation. A debate between the government and the majority should be held on these issues next week. For now, the government has put a single but very important stake: any change must not be burdensome for the state. As if to say, you can unlock the previous one, but the belt on the Superbonus must remain tight. After all, Mario Draghi has made it clear what he thinks of the measure (“I don’t like it”). And also for this reason it will not be easy to pass another proposal gliding in Parliament and signed by almost all parliamentary groups. That is, that of an exchange between the tax credits of the bonuses purchased by the banks with BTP.

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Superbonus, the work-saving plan: one year extension for the assignment of credits


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