When deciding to renovate your home, checking the condition of its electrical system is essential. It is necessary to ensure that it is up to code, and more. You will also need to plan how to make it even safer and more efficient. Upgrading the electrical system is very important, and this is an excellent time to do it. Even the renewal of an electrical system allows access to advantageous tax bonuses. This intervention is indeed part of the 50% Renovation Bonus. Let’s find out more about the Electrical System Bonus 2023 and how to obtain it.
Upgrade the Electrical System with the 50% Renovation Bonus
The Electrical Systems Bonus 2023 is not a standalone bonus but is part of the broader 50% Renovation Bonus. This bonus provides a 50% tax deduction on a maximum renovation expenditure of €96,000. This tax benefit is granted in the form of an IRPEF deduction, which will be disbursed in ten equal annual installments. This means that half of the expenditure incurred for the renovation of the electrical system will be disbursed in the ten years following the incentive request.
What Types of Properties Qualify for the Bonus?
To access the bonus for the renewal of an electrical system, the renovation work must be carried out on a property used exclusively for residential purposes. Whether it is
Private Electrical System Bonus, the Essential Requirements of the System
To access the tax incentives for system renewal, the electrical system must meet certain requirements. It must comply with the CEI 64-7 standard, thus adhering to a series of parameters and constraints during the design phase, and more. After the renovation work, a qualified technician must also issue a declaration of conformity or compliance of the electrical system with the standards, as stipulated by Ministerial Decree 37/08.
Who Can Apply for the Electrical System Bonus 2023
This bonus was created specifically to encourage the refurbishment of private domestic electrical systems. In this regard, it is important to note that this incentive is not only aimed at property owners but also at tenants. Tenants wishing to carry out this type of intervention can therefore apply for a tax deduction. Of course, the property owner must be informed of the intervention and approve its execution. The expenses incurred can be borne by either the tenant or the owner. A key point is that every expense must be documented in detail. The bonus can also be requested by tenants with rights of use, usufruct, and habitation, cooperative members, and entrepreneurs (provided the property to be renovated is not a business asset).
Submit the Application for the Electrical System Bonus 2023
As previously mentioned, to obtain the tax deduction it is essential that all expenses to be deducted are traceable. Every payment for the refurbishment of the electrical system must be made via a traceable bank or postal transfer. The transfer must indicate the reason, referring to the regulation (art.16-bis of Dpr 917/1986). It is also necessary to indicate the tax code of the deduction beneficiary and the tax code (or VAT number) of the payment beneficiary. Finally, it is crucial to specify the details of each invoice, including its number and date. These details must then be reported in the 730 form.
Are you thinking of renovating your home? Would you like to know more about the opportunities available in terms of tax bonuses? Contact us now for a free, no-obligation quote, and our experts will answer all your questions.
