Environmental Engineering Reference
In-Depth Information
structuring the contract, the funds to the energy efficiency project may still be
missing.
Finally, there are queries which may also remain unanswered such as whether
the energy efficiency may create a partnership between public and private bodies
in order to optimize investments which may encourage long term investments
towards adequate rate of return and how during this time of economic and financial
crisis the public sector can play a leading role which is ascribed to it by the
legislation in force.
7.1.2
In Brief the Bankability of Tax Deductions and Other Recent
Strategies
Regarding the first instrument which is stated by Italian legislation (lately provided
for by articles 14, 15 and 16 of law decree No. 63/2013, 3 which extend with some
amendments the benefit of previous law provisions dated back to 2006 4 ), the tax
deductions connected to energy efficient interventions (such as the installation of
photovoltaic modules, of more efficient heating plants, interventions to put a cap
on building etc.) vary from 55 to 65 % limited to a maximum amount. A certain
number of requirements must be met in order to benefit from the tax deductions:
• the energy efficient intervention must be paid within 31 December 2014 (or 30
June 2016 if the interventions are made on the common real estate of condo-
miniums) by bank transfer which expressly indicates the reason of the payment
including the tax deduction reference;
• tax codes of the payer and payee, also an asseveration from a technician (if not
included in the declaration of director of works for the end of works) or,
depending on the kind of the intervention, a warranty of the producer may be
required;
• within 90 days from the end of works a communication to ENEA, depending on
the kind of the intervention, may also be necessary.
It is worth noting that the tax deductions connected to an energy efficiency
initiative produce a tax saving and not ''a cash flow''. A tax deduction, as matter of
fact, is not by itself destined to energy efficient initiatives financed by banks, save
that these initiatives are included in more general financing plans in the context of
which also the energy efficiency tax deduction is taken into consideration. By way
of example, the tax deduction may be taken into account in the context of a
building restructuring financing, where the banks make available loans the purpose
of which is the financing of the restructuring/renovation of the building, including,
amongst other items, the energy efficient intervention, but not specifically destined
to finance the energy efficient initiatives solely. In the above-mentioned case, the
loan documentation may include covenants on the borrower to comply with the
3
Converted into law by law No. 90/2013.
4
Please see article 1, paragraph 139 of law 27 December 2013, No. 147 named Legge di stabilità
2014 which provides for an extension of the duration of the tax deductions.
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