20 Feb, 2023 09:00
Italy kills off ‘wicked’ green initiative
The so-called Superbonus 110 program for climate-friendly renovations has been threatening public finances, officials say
The Italian government has scrapped a climate-friendly tax credit program, claiming it had cost more than €110 billion ($117 billion) and led to widespread fraud. According to Finance Minister Giancarlo Giorgetti, the “reckless policy” was a threat to public finances.
“We have decided to stop the effects of a wicked policy that has benefited a few citizens but has placed a burden on each of us from the cradle onwards of €2,000 ($2,132) per head,” Giorgetti told reporters on Thursday.
The so-called Superbonus 110 initiative, which was one of several programs aimed at reducing the environmental impact of properties, entitled homeowners to a tax credit of up to 110% on the cost of upgrading their home. Introduced after the Covid-19 lockdowns ended, the program has led to a surge in home renovations, boosting Italy’s economic activity.
https://www.rt.com/business/571658-italy-ends-green-transition-scheme/
