Environmental Engineering Reference
In-Depth Information
relevant regulation on the tax deduction applicability (lately see the rules of cir-
cular letter of the Revenue Office No. 29/E dated 18 September 2013) and the
financial model calculation may assume the benefit of the tax deduction. In other
words, the tax deduction will be one aspect evaluated by the banks in order to
ascertain the bankability of the building restructuring/renovation financing and
may enhance the bankability of the project (i.e. the financing of the restructuring/
renovation of the building). In addition to the fact that the tax deduction does not
generate by itself a cash flow, a further limit to the ability of the tax deduction to
enhance the bankability of an energy efficient project is the lack of stability of the
tax deductions or the fact that the benefit of the tax deduction is limited in time
because the projects may benefit from the tax deduction only if the expenses are
paid by 31 December 2014 (or by 30 June 2016 if the energy efficient initiative
relates to the part of the building which form part of the condominium). The
limitation in time cuts down the possibility to consider the tax deductibility in the
screening of the financing of energy efficiency project because usually program-
ming and obtaining a loan in this period of credit crunch requires a longer time and
it shows the lack of planning and perspective of the Italian government and leg-
islator (or in the worst case the short-sightedness). The above mentioned circular
letter of the Revenue Office clarifies the meaning of expenses incurred by 31
December 2013 (or by 30 June 2014, in relation to the laws previously in force)
based on the accounting criteria adopted by the person who is willing to benefit
from the tax benefit if on an accrual basis or on a cash basis.
Finally, article 6 of law decree No. 102/2013 has provided that the Cassa
Depositi e Prestiti S.p.A. (a company controlled by the Ministry of the Economy
and Finance) may finance banks operating in Italy and granting mortgage loans
destined to the purchase of the houses, the restructuring and energy efficiency
actions in order to facilitate the grant of loans for the residential real estate market
and in order to mitigate the effects of the economic crisis and credit crunch. At the
time of writing this manuscript it is not possible to assess the impact of this new
instrument and how this will expedite the refurbishment of the dwellings including
the enhancement of their energy performance.
7.1.3
The Incentives for the Energy Efficiency: The Conto Termico
At the date of drafting this section the ''state of the art'' in Italy of the incentives
for the energy efficiency are the conto termico and the titoli per l'efficienza en-
ergetica (or TEE) (called also the white certificates (certificati bianchi)), each of
them are alternative to the other. Articles 27 and 28 of the legislative decree No.
28/2011 establish the main rules relating to the TEE and the conto termico. Pre-
liminary it should be noted that the purpose of the legislative decree No. 28/2011
(implementing Directive No. 2009/28/CE) is promoting the achievement of the
national goals set out under article 3 of the legislative decree No. 28/2011 to be
met in 2020 (which include 17 % fuelled by renewable sources on the energy final
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