ENEA data updated to June 2024
ENEA (Italian National Agency for New Technologies, Energy and Sustainable Economic Development) is an Italian public research body operating in the fields of energy, the environment and new technologies for sustainable development. ENEA plays a crucial role in monitoring and disseminating data on the 110% Superbonus. Since 1 September 2021, ENEA has published detailed data on the use of the 110% Superbonus on a monthly basis. The monthly reports, updated to June 2024, are available on ENEA's official website, providing a clear and up-to-date overview of how the Superbonus is performing. According to the data provided by ENEA as of 30 June 2024, 495,893 works have been approved. The total value of investments amounts to 119.38 billion euros, of which 117.77 billion qualify for the deduction. Of these, around 95.3% of the works have been completed.The Unresolved Problems of the 110% Superbonus
One of the main unresolved issues raised by the Superbonus Credits is represented by the so-called Superbonus Stranded Parties, that is, those people who find themselves in difficulty because of tax credits that have remained blocked. These credits, generated by works that have been carried out but not yet monetised, represent a significant economic burden for many families and businesses. In November 2023, the Italian Undersecretary of State for the Economy and Finance, Lucia Albano, estimated the unused credits at 135 billion euros. This figure is derived from the difference between the 160.6 billion euros of credits generated by the invoice discount and the credit transfer, and the 25.5 billion euros of credits offset. The Undersecretary pointed out that it is not possible to determine precisely how much of these 135 billion euros is still awaiting use or blocked due to the lack of buyers. The situation of "stranded" credits has been further aggravated by recent regulatory changes that have limited the options for credit transfer and invoice discount. With Law Decree 39/2024, the government has progressively reduced the options for credit transfer, creating a context in which many credits cannot be used. This regulatory measure has effectively almost completely eliminated the possibility of resorting to these options, starting from 17 February 2023. The current landscape of tax credits deriving from building bonuses in Italy is characterised by a total amount of 219 billion euros, as communicated by the Undersecretary for the Economy, Federico Freni, in response to a question in the Finance Committee of the Italian Chamber of Deputies on 4 April 2024. Of these, 177 billion are still to be offset, while 41.8 billion have already been used, including 20.8 billion in 2023 alone.Impacts of the Regulations
The difficulty in transferring credits has created an unbalanced market situation, with many sellers and few buyers. Government restrictions, such as the ban on banks and insurance companies offsetting INPS and INAIL liabilities with these credits, have further reduced the number of institutional buyers. The recent regulations have ultimately introduced significant restrictions, such as the ban on transferring the credit for expenses incurred from 1 January 2024 onwards, except for certain specific categories, making it plain that the Government's objective is to create as large a stock of "unused credits" as possible. Indeed, these changes have led to a build-up of credits that cannot be exploited, contributing to the formation of a "stock" of blocked credits. The blocking of credits is not just an accounting problem: it has triggered dangerous dynamics in the market, encouraging practices of usury and predatory behaviour. Some speculative operators take advantage of the desperation of those trying to liquidate their credits, offering purchase solutions at heavily discounted prices, further aggravating the situation of those who are already in difficulty.Outlook and Solutions
Despite the current challenges in the market for tax credits deriving from building bonuses, solutions are emerging to facilitate the matching of sellers and buyers. In particular, specialised digital marketplaces, such as E-SME, are playing an important role in the credit transfer process.
Marketplaces such as E-SME act as intermediaries, creating an environment for the buying and selling of tax credits. These platforms offer:
- A meeting point between sellers and potential buyers
- Verification of the documentation relating to the credits
- Support in managing the transactions in compliance with applicable regulations
By bringing sellers and buyers together in a single virtual location, these marketplaces increase the chances of finding matches, even in a market context characterised by an imbalance between supply and demand. While the challenges remain significant, the existence of these platforms offers new opportunities for the circulation of tax credits in the building bonus sector.
