Budget: a ‘5.0’ bonus until 2029 and vouchers for AI in SMEs are under consideration
The Ministry of Economic Development is aiming for an extra year of hyper-depreciation and a software subsidy for micro and small businesses, but the issue of funding remains
The prudence called for by the Minister for the Economy, Giancarlo Giorgetti, ahead of the final drafting of the budget – a principle also enshrined in the Public Finance Policy Document submitted by the Government to Parliament – is an essential prerequisite for outlining the measures currently under consideration for businesses and the industrial sector.
If the budgetary constraints allow, and taking into account the competing demands of other measures currently in place (from the new income tax cut for the middle class to the flat tax on pay rises for young people, from the pension revaluation to recruitment in the healthcare sector), the deadline for making investments in innovation with the tax benefit of hyper-depreciation will be extended by one year, until 30 September 2029, and a new voucher scheme will be introduced for micro-enterprises and SMEs engaged in digitalisation processes.
The package of industrial policy proposals, coordinated by the Ministry of Enterprise and Made in Italy (Mimit), also includes the following: a fund to promote an Italian supply chain for humanoid robotics through the Innovation Agreements, the refinancing of development contracts and the Nuova Sabatini scheme, and the extension of the household appliance bonus until 2026. And the restoration of approximately 200 million euros from the Automotive Fund which had been cut last May to cover the fuel decree: a refinancing for which Mimit had secured a commitment from the Ministry of the Economy.
The Transition 5.0 extension
It is almost certain that not everything will make it through the budget process. Among the priorities, Minister Adolfo Urso cited the extension of the new Transition 5.0 plan, which is based on the hyper-depreciation scheme, pushing back the deadline for the completion of investments from 30 September 2028 to 30 September 2029. This request has already been officially submitted to Minister Giorgetti. The aim is to ensure a more stable investment horizon, particularly given that the plan actually got off the ground six months late, last June.
The assessment of any potential costs covers two aspects. The first is the level of resource utilisation. The scale of the investments announced by businesses has exceeded 6 billion euros: a figure which, in terms of state funds utilised, amounts to just under a quarter of the ceiling. According to Mimit’s estimates, following the surge in applications during the first few months, the trend will stabilise and refinancing may not be necessary, even if the deadline for completing the investments were extended by a year.
