Italy Tax Agency Clarifies Application of Anti-Earthquake Superbonus for Property Renovations

The Italian Revenue Agency Nov. 4 posted online Letters Nos. 523 and 524, clarifying the 110 percent superbonus deduction for anti-earthquake property renovations. The taxpayers are property owners who sought clarification as to the applicability of the superbonus for: 1) renovations to subdivide a building into two independent units; and 2) renovations to a home, which were part of a condominium but with an independent entrance. The tax agency clarified that: 1) renovation work that subdivides a building into two independent dwellings can benefit from the superbonus, with the spending limit calculated on the pre-existing real estate unit; and 2) ...