The super bonus, a nightmare that will haunt us for another 10 years

There is no peace. The superbonus issue continues to be the undisputed protagonist due to the high cost it is having for the state coffers. We are talking about more than 200 billion euros in four years and based on Treasury estimates, Italian public debt will reach 140% of GDP between now and 2026 due to the effects of the bonus. Returning to the issue was the Minister of Economy and Finance, Giancarlo Giorgetti, who explained in the Senate Finance Committee how the superbonus credits must be spread over 10 years and no longer between four and 10 years (alternatively credit could be given to banks and builders) as in the past: “it will not be a possibility but an obligation”, underlined Giorgetti. Obviously, when decisions of a certain caliber are taken, possible negative effects must be expected, especially if the measure has a retroactive effect, for companies that find themselves with these credits. It should be remembered, however, that the super bonus, despite the various corrective interventions implemented, is continuing to weigh disproportionately on the present and future state budget. Action, even if abrupt, on the part of the government is therefore inevitable to keep the accounts in order.

Therefore, after an initial tightening by the executive, which in March had definitively blocked the transfers of tax credits, leaving only a few exceptions in place such as the earthquake-stricken areas, today comes the confirmation of a further tightening which will act directly on the credits . The government's amendment, according to the text's rapporteur Giorgio Salvitti, should arrive on Friday and Monday will be the deadline for presenting the sub-amendments: “There will be no room for new exceptions to the superbonus in the decree being examined by the Senate. The government takes responsibility for tabling its amendment. Parliamentary amendments, as occurred in the past, to expand the exemptions will not be taken into consideration”, Giorgetti wanted to specify. The text on the superbonus should include, in addition to the obligation to spread the credits over 10 years, also the rule that expands the role of the municipalities. An amendment first signed by Massimo Garavaglia (Lega) proposed to involve the municipalities in the checks on the superbonus construction sites, encouraging their participation with a 50% recognition of the sums and sanctions that will eventually be collected. The government is also thinking of entrusting the municipalities with controls on the bonus for architectural barriers and facades, in short, the most critical benefits and on which scam operations have been found.

It is not the first time that Giorgetti has expressed his annoyance when it comes to super bonuses. Today he clarified without a shadow of a doubt his relationship with this measure by comparing it to the Vajont disaster: “Do you know the Vajont? When the avalanche came down it had already started, then when it arrived it produced disasters”, thunders Giorgetti, underlining that “when we intervened to put a dam on this thing, the avalanche had already started”, and had already started to produce its negative effects on the state coffers, the Minister of Economy who then also pointed the finger at Bank of Italy underlining that the proposal to stop the super bonus before the deadline “would have been appreciated if it had been made perhaps in 2022, 2023, in 2021: it arrives in 2024 when the government is proceeding exactly to do this”. And how can we blame him, given that, as highlighted by the Def, the omelette has now been done. Until 2026, due to the superbonus and the “you'll get it done again free house” of the M5S, there will be a constant increase in indebtedness. If perhaps the Bank of Italy, given its authority in economic matters, had put forward this hypothesis in unsuspecting times, for example when the Draghi government was in place. , where extensions were granted for villas and others, perhaps the avalanche of credits could have started to stop before it began to overwhelm the entire country.