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Italy Revenue Agency Provides Clarification on Deduction for Reconstruction, Demolition of Seismic Real Estate

July 17, 2020, 5:00 AM

The Italian Revenue Agency July 14 posted online Answer Nos. 213 and 214, clarifying the tax deduction available for the reconstruction and demolition of seismic real estate property. The tax agency clarified that: 1) the deduction is available to qualified property owners in specific zones; 2) projects can be commissioned to other companies, and in some cases properties can be combined; 3) property sales should be within 18 months of the date of the end of the projects; and 4) the deduction is for 75 or 85 percent of the price of a single real estate unit, with a maximum ...

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