IMU tax credit for the tourism sector

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The Revenue Agency, with provision no. 356194 of 16 September 2022, defined the rules and procedures for submitting the application to take advantage of the IMU credit provided for in Article 22 of Decree-Law no. 21 of 21 March 2022.

The facility provides for a tax credit equal to 50 per cent of the amout paid as a second instalment in the year 2021 of the municipal property tax (IMU) by companies operating in the tourism sector.

In particular, from a subjective point of view, the following are eligible for the tax credit:

  • tourist accommodation enterprises, including also enterprises engaged in agritourism within the meaning of Law no. 96 of 20 February 2006 and relevant regional regulations;
  • enterprises operating open-air accommodation facilities;
  • companies in the trade fair and conference sector;
  • spa complexes and theme parks, including water and wildlife parks.

From an objective point of view, in order to benefit from the tax credit, it is necessary that:

  • the properties, for which the second IMU 2021 instalment has been paid, belong to the cadastral category D/2;
  • the accommodation activity is carried out in these buildings;
  • the owners of the buildings are also the managers of the activities carried out there;
  • the operators of the business must have suffered a decrease in turnover in the second quarter of 2021 of at least 50 per cent compared to the corresponding period of the year 2019.

This measure defines the modalities, deadline and content of the self-declaration certifying the fulfilment of the requirements and the respect of the limits provided for in Sections 3.1 ‘Aid for a limited amount’ and 3.12 ‘Aid in the form of non-covered fixed cost support’ of the Temporary Framework.

The self-declaration can be submitted from 28 September 2022 until 28 February 2023 through the telematic channels of the Revenue Agency. Within five days after submission, the applicant company will receive an initial receipt certifying that the application has been accepted. Within ten days of submission the Agency will issue a second receipt to communicate the recognition (or non-recognition) of the IMU tax credit.

The tax credit can be used exclusively by offsetting pursuant to Article 17 of Legislative Decree no. 241/97 by means of the F24 form starting from the working day following the date of issuance of the second receipt and does not contribute to the formation of income for income tax purposes and of the value of net production for the purposes of the regional tax on productive activities.