Manoeuvre 2025: wedge cut, IRES, pensions, family. Here are the measures

The approval of the manoeuvre confirms the squeeze on deductions for incomes over 75,000 euro. With a safeguard clause that in addition to healthcare expenses is now also extended to deductions for investments in start-ups and innovative SMEs. The income brackets on which the new limitation on deductible expenses will be triggered are two: from 75,001 to 100,000 euro and from 100,001. In the first bracket, the cap on deductible expenses will be up to a maximum of €14,000. In the second bracket, on the other hand, the ceiling will be €8,000. With an expenditure threshold modulated on the basis of three coefficients: 0.50 if there are no tax dependent children in the household, 0.70 if there is one child, 0.85 if there are two tax dependent children, and 1 if there are more than two tax dependent children or there is at least one child with a serious ascertained disability. The calculation must be made for each member of the household, naturally in the event that the 75,000 euro threshold is exceeded.

Changes are coming to the Transition 4.0 plan, for which a 'tap' mechanism is introduced to close access to tax credits when a ceiling set at 2.2 billion is exceeded. However, investments (made in 2025 with a tail end on 30 June 2026) are saved if they are 'booked' with a down payment of at least 20% by the date of publication of the budget law. Transition 5.o also changes, with the rate for investments between 2.5 and 10 million being raised to 45%. And the subsidy for the purchase of photovoltaic panels is increased. On the other hand, the extension for the conclusion of investments from 31 December 2025 to 30 April 2026 is skipped.

Decontribution to the South is back, albeit with a 'reduced' relief of 25 per cent (it was 30 per cent), and a decalage mechanism that drops to 20 per cent from 2026 and 15 per cent in 2029. Under the de minimis regime (excluding agriculture and domestic work contracts), the exemption from the payment of social security contributions is recognised for micro and SMEs (250 workers maximum) that employ permanent workers in Abruzzo, Molise, Campania, Basilicata, Sicily, Puglia, Calabria and Sardinia. Exemption also extended to other private employers employing workers in the South, but subject to EU authorisation, and on condition that they demonstrate on 31 December of each year an increase in the number of permanent workers over the previous year.

For 'fully contributory' workers it will be possible to access the early retirement channel with at least 64 years of age thanks to a 'bridge' with the supplementary pension scheme. At the same time, however, the required contribution threshold will rise from 20 years to 25 years from 1 January and then rise further to 30 years of contributions from 2o30. Instead, nothing has been done in the manoeuvre for the opening of a new six-month period for the worker's choice to transfer the severance pay from the company to the supplementary pension fund with the rule of silence-assent. Fratelli d'Italia's proposed amendment to the budget law, in fact, did not enter into the budget law during its examination in the House committee. However, the hypothesis of its inclusion in another measure is being considered.

The text on the increase in the pay envelopes of non-parliamentary ministers and undersecretaries took a long time to find peace. It was coupled in the same amendment to the 'anti-Renzi' rule that curbs the extra-EU appointments of government members, deputies, senators and regional presidents. On the first front, the stop to the equalization of the remuneration of non-parliamentary ministers with that of their elected colleagues has disappeared, and only the "right to reimbursement of travel expenses for the performance of their duties" has been provided for. The barrier to external appointments, on the other hand, becomes more solid, blocking even intermediary consultancies from individuals or companies resident in the EU. In practice, the possibility of circumventing it by assigning the assignment to an Italian company that would then use the work of the person concerned disappears. Assignments, subject to authorisation by the body to which they belong, will only be possible for fees up to 100,000 euro, but not for members of the government. The final text excludes Members of Parliament elected abroad from the stop.

The financial framework of theMessina Strait Bridge changes, which sees the bill rise to just over 12 billion and will receive 3.882 billion from the Development and Cohesion Fund, instead of the 2.318 billion envisaged so far, easing the burden on the state budget. Another 1.096 billion goes to Ferrovie for the financial requirements of the Pnrr works and 1.334 billion strengthens the Rfi programme contract. An extra billion goes to the Turin-Lyon Tav. Another 708 million goes to the national plan for water infrastructure.

In addition to the increase in resources for the bridge, also through the Development and Cohesion Fund instrument, funds are also being allocated to other infrastructures, from the Tav to the Sibari-Catanzaro and to Ferrovie. An extra billion goes to the Turin-Lyon Tav and another to Ferrovie for the Pnrr works. Another 200 million goes to the Sibari Catanzaro and 708 million is earmarked for the water sector.

 The bonus for renovating homes and the ecobonus for energy upgrading remain at 50 per cent for first homes until 2025, and 36 per cent for second homes, but with a squeeze on fossil-fueled boilers that can no longer be taken into account for deductions.

A bonus has arrived for the purchase of high energy efficiency household appliances of no less than the new class B, produced in Europe, with the simultaneous disposal of the old ones. An endowment of 50 million has been allocated for the measure, until resources are exhausted. The contribution must not exceed 30% of the cost of the household appliance and in any case a maximum of 100 euro, raised to 200 euro for families with an Isee up to 25,000.

U-turn on the tax squeeze on Bitcoin and cryptocurrencies. According to an amendment approved in the Budget Committee, the substitute tax rate on capital gains and other income from cryptocurrencies remains at 26 per cent in 2025 and rises to 33 per cent in 2026, as opposed to the increase to 42 per cent initially indicated in the government's scheme

The web tax returns to apply only to large companies. According to another approved amendment, the web tax will be paid by companies that realise revenue from digital services, wherever realised, of not less than 750 mln per year. In the initial version of the government's budget law, however, the extension of the web tax to SMEs was envisaged.

The threshold for entry to the Flat Tax for employees and pensioners rises from EUR 30,000 to EUR 35,000. With an amendment made by the government, the limit of employee or pension income beyond which it is not possible to access the 15% or 5% flat tax for new activities is set at 35,000 euro.

From 2025 nurses' overtime will be taxed with a flat tax of 5 per cent. This is provided for in an amendment by the rapporteurs to the manoeuvre approved by the House Budget Committee. 'Compensation for overtime under the national collective labour agreement for the health sector' paid to nurses employed by companies and bodies of the National Health Service, the provision reads, will be subject to a tax replacing the Irpef tax and regional and municipal surtaxes 'equal to 5%'. Increased money for the psychologist bonus. There is a fund for psychological support services for students in schools.

Four hundred million euro over two years will arrive at the Ministry of Enterprise and Made in Italy, which will also be used to restore the resources of the Automotive Fund. The resources are contained in an amendment by the rapporteurs that modifies the estimate of the MIMIT within the framework of mission 11, 'competitiveness and enterprise development, programme 13 - Industrial policies, for competitiveness, Made in Italy and enterprise crisis management'. The amendment adds 200 million for 2026 and 200 million for 2027. Resources that, Mimit sources specify, will go to the Automotive fund, to restore the cuts envisaged in the manoeuvre.

With the aim of fostering the creation of new craft and commercial activities and combating the desertification taking place in city shops, the manoeuvre introduces a contribution discount for those who decide to make their debut in the sector. For the first three years of new activities, in fact, the minimum social security contribution will be reduced by 50 per cent. The contribution reduction is granted for 36 months without interruption to one of the two Inps managements and can also be requested by family workers who enrol in the self-employed management. The bonus is applied in compliance with EU State aid rules, in particular with regard to de minimis.

The extensions of concessions for electricity distribution also change. The concessionaires will be able to submit Economic and Financial Plans which, once approved, will determine the rescheduling of the duration of the concessions, which may not extend for more than 20 years. The determination of the charges to be borne by the concessionaires will be entrusted to a decree, and the higher revenues will be earmarked as a priority for cutting household and business bills.

In 2025, the partial turnover freeze for the public administration will be triggered: local authorities, police forces, fire brigades and university researchers are excluded.

The provision for auditors of the MEF to sit on the boards of auditors or control boards of those receiving public contributions is completely deleted, and the existing control bodies are merely asked, when the contribution exceeds 100,000 euro, to 'ascertain that the use of contributions has been made in compliance with the purposes for which they were granted'. This verification must result in an annual report to be sent to the MEF.

Half a billion euro, 560 million to be exact, to achieve the objectives of the Italian Housing Plan. Among the innovations included in the manoeuvre are also funds to implement the plan to combat housing hardship and enhance the value of existing real estate assets. A decree of the Ministry of the Economy and Finance will allocate these resources, amounting to EUR 150 million in 2028, EUR 180 million in 2029 and EUR 230 million in 2030. The allocations will proceed on the basis of the Plan's programmatic guidelines and will be accompanied by monitoring and revocation procedures. The plan will have to be approved within six months of the entry into force of the manoeuvre.

To encourage the birth rate, a 'new birth bonus' will be introduced from January 2025, a one-off €1,000 bonus for each newborn child in families with an Isee of less than €40,000 per year. With an expenditure ceiling of 330 million for 2025, the number of children is 330,000. The new system of deductions, with a squeeze for incomes over 75,000 euro, sees the introduction of the family quotient: benefits grow according to the number of children

Parental leave is extended from 2 to 3 months at 80 per cent. The crèche bonus is extended to all and made structural (with Isee up to 40,000 euro). In addition, the single allowance can be excluded from the Isee calculation to access the benefit.

100% decontribution is confirmed and extended to self-employed women (with income up to EUR 40,000) for workers with at least two children

First home loan subsidies for under 36s and young couples are renewed until 2027

A subsidy for extra-curricular activities for young people aged 6 to 14 in households with an Isee income of up to 15,000 euro has arrived, with 30 million for 2025. Resources are also available to encourage educational activities outside and inside schools and to support oratories.

A half million fund is to be used to promote courses on sexual health and affective education in schools. Another fund will be earmarked for combating food poverty at school, to provide contributions to households that are unable to pay canteen fees in primary schools. The ceiling on deductions for tuition fees for those who enrol their children in primary schools is raised from 800 to 1,000 euro. The contribution for parish schools that take in disabled pupils is also increased. The endowment of the housing fund for university students away from home is increased, and 2 million is allocated to pay scholarships for student athletes.

The psychologist bonus is confirmed and strengthened, with an additional 1.5 million for 2025. Funds of 10 million for 2025 also for the psychological support service at school

The 'Dedicated to you' card for basic necessities for low-income earners is confirmed with a refinancing of 500 million

"In view of the economic effects resulting from the exceptional increase in production costs and in order to support the demand for information", the Single Fund for pluralism and digital innovation in information and publishing is increased by €50 million for the year 2025, "for the portion allocated to interventions within the competence of the Presidency of the Council of Ministers".