From tax credits to deductions, the use of bonuses changes
Deferred recovery for loss-making companies. No effect on the operating result
Investment incentives: the return, as of 2026, to the increased deductions in the tax return will lead to a lengthening of the recovery time of the bonus for loss-making companies. With the tax credits, in force until this year, the bonus is spent in the F24 form regardless of the result of the return.
Le agevolazioni per le imprese che investono in beni strumentali (ordinari o con caratteristiche 4.0 o ancora 5.0) sono passate negli anni da un sistema di maggiori deduzioni (investi 100, deduci 150) – come avveniva con le diverse “leggi Tremonti” e poi con il super e l’iper ammortamento – al meccanismo dei crediti di imposta da scomputare da tasse e contributi (investi 100, ti spetta un tax credit di 20) in vigore dal 2020. Con l’Ires premiale, nata e vissuta nel solo esercizio 2025, si è infine sperimentato il meccanismo della agevolazione d’aliquota (se investi, assumi e trattieni l’utile, paghi l’Ires al 20% anziché al 24%).
Adjustments and criticalities
The manoeuvre now re-launches depreciation, but the three models, for the same amount, have different effects on companies depending on whether or not they declare high or in any case high taxable incomes. Companies that, also as a result of the costs deriving from investments, show tax losses or modest incomes have difficulty (or at least take longer) in using the super depreciation system, which initially results in an increase in the loss carried forward. Even more penalising in these cases is the Ires bonus: those who close their 2025 tax return with a zero or negative result will not benefit from the incentive now or ever
These penalisations are not triggered if the incentive is a tax credit, which is immediately monetisable, regardless of the taxable income (positive or negative) shown, to pay taxes, withholdings, VAT and contributions. On the other hand, tax credits lend themselves more easily to evasion and fraud than deductions.
The effects of incentives on economic accounts
Depending on the mechanism, the impact of the incentive on the profit and loss account of the company benefiting from it also varies. Tax credits (equipment grants) are entered in income on the basis of the depreciation period of the assets being invested in and consequently tend to improve the Ebitda of the company (operating profit before depreciation). Superdeductions, on the other hand, generate a reduction in current taxes and therefore, with the same impact on net profit, do not allow for an improvement in operating profit. Deferred recovery for loss-making companies. No effect on operating profit.
