Further ICI deduction for the home, higher Irpef discounts, extension until 2010 of the discounts (36%) for property renovations. And, again, Irpef aid for rents valid since 2007, especially for young people, and a further deduction of 1,200 euros for parents who have at least four dependent children. These are the main innovations for the family envisaged by the Budget for 2008. For ICI purposes, it is envisaged that a further amount equal to 1.33 per thousand of the taxable base is deducted from the tax due for the real estate unit used as a main residence. The further deduction, in any case not exceeding 200 euros, is used up to its amount and is related to the period of the year during which the main residence is used. On the Irpef, if only land income from land and buildings of a total amount not exceeding 500 euros contributes to the formation of the overall income, the tax is not due. This means that, starting from the income of 2007, owners of income from land and buildings for a total amount not exceeding 500 euros are exempt from the tax return. As for the calculation of tax deductions for family dependents, the overall income is taken net of the income of the real estate unit used as the main residence and that of the related appurtenances. The elimination of the virtual income of the main residence will bring a small increase in discounts. The Budget also provides aid to tenants who pay rent for the house used as their main residence, already with effect from the 2007 tax period. One modification concerns the introduction of the new paragraph 01 to article 16 of the Consolidated Law on Income Taxes, «deductions for rent». Holders of rental contracts (law 431/98) of real estate units used as a main residence are entitled to a deduction equal to: 300 euros, if the income does not exceed 15,493.71 euros; 150 euros, if the income exceeds 15,493.71 euros, but not 30,987.41 euros. Another new feature provides an Irpef discount for young people who pay rent for their home. Anyone aged between 20 and 30 who signs a rental contract for their main home, provided that it is different from that of their parents or those to whom they are entrusted, is entitled, for the first three years, to a deduction of 991.60 euros if the total income does not exceed 15,493.71 euros.
source: Sun 24 Hours
Grimaldi Padua
Padua - 35137 - Via G. Matteotti, 27
e-mail: padovacentro@grimaldifranchising.it
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Grimaldi Cadoneghe
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