The manoeuvre for 2026

Measures

Manoeuvre, winners and losers: from banks to employees and companies

The manoeuvre of approximately 22.5 billion involves banks, insurance companies, households and businesses with new taxes and concessions

by Rome Editorial Staff

30 December 2025

4' min read

Translated by AI

Versione italiana

4' min read

Translated by AI

Versione italiana

Approximately EUR 22.5 billion of manoeuvre. The main players are the banks and insurance companies, among the losers, and on the other side the employees and companies. It is the first two, in fact, that cover a large part of the budget law, approved before Christmas in the Senate and, in the last days available to avoid the provisional exercise, in the House.

Banking and Insurance

For banks, in fact, the 2% increase in the Irap, the regional tax on productive activities, costs about EUR 1.3 billion. Not only that, because the deductibility on past losses is further reduced: the percentages drop from 43% to 35% for 2026 and from 54% to 42% for 2027. In this case, the guaranteed resources are about EUR 600 million over two years.

The IRAP argument also applies to insurance. In addition, there is the increase to 12.5 per cent of the rate on motor third party liability insurance for driver accidents, and an additional 1.3 billion is demanded through the payment of an advance equal to 85 per cent of the contribution on the vehicle and watercraft insurance premium due for the previous year.

The others won

Few other interventions bring large sums into the state coffers. Approximately half a billion comes from the increase in the excise duty on fuels, while another 213 million comes from the increase in the tobacco tax

The winners

The main spending intervention, however, is for employees, with a cut in the Irpef tax for incomes up to 50 thousand euro (the second rate dropping from 35 to 33 per cent). In addition, subsidised taxation at 5% on contractual increases is introduced: it applies to incomes up to 33 thousand euro and for contracts renewed from 2024 to 2026. On performance bonuses and forms of profit-sharing, up to EUR 5,000, the substitute tax drops to 1%. The tax-free threshold of meal vouchers rises from EUR 8 to EUR 10.

For businesses, thanks to the final intervention (the government's EUR 3.5 billion amendment), the hyper-amortisation for investments in capital goods is extended until 30 September 2028. The measure is increased by 180% for investments up to EUR 2.5 million, by 100% for investments over EUR 2.5 million and up to EUR 10 million, and to the extent of 50% for investments over EUR 10 million and up to EUR 20 million in relation to investments in goods produced in the EU. Resources are also coming in for the Transition 5.0 tax credit (1.3 billion) and ZES (532.64 million). On the other hand, the subsidies for green investments are skipped. -

1.5 billion euro is destined directly for households. Which will increase because the manoeuvre promises facilitations for the calculation of the Isee, and therefore more households will be able to access bonuses. Like the one on school books for high school with a municipal contribution for families with an Isee not exceeding 30,000 euro. On the other hand, a bonus of up to 1,500 euro per student with an Isee of up to 30,000 euro will be introduced for families that choose parish schools. Paritarian schools will also be exempt from imu. For new graduates comes the new Carta Valore Cultura for the purchase of cultural materials and products.

There is also another 'rottamazione', the quinquies. Debts accrued from 1 January 2000 to 31 December 2023 can be discharged through a rate over 9 years with 54 bi-monthly instalments, with interest at 3%.

The other cases

There are other measures that remain but are reduced. For example, property owners who want to renovate, since the 50% bonus is confirmed for the first house and remains at 36% for the others. The extension also comes for the Sismabonus and the furniture bonus, with a 50% discount up to 5,000 euro.

A separate issue for short-term rentals. After the initial controversy, when it was planned to increase the flat rate on short rentals to 26%, the backward step has arrived: it remains at 21% for the first property, while it rises to 26% on the second and from the third onwards it is triggered by business activity.

Finally, there is the other topic of controversy: the pensions. And in the end, even after a government crisis touched, the topic remains hot, with the League calling for a halt to the retirement age even among the agendas on the night between Monday 29 and Tuesday 30 December. Giorgetti said that it will be seen in 2026 and reiterated what was done in the manoeuvre: 'One thing you may not have understood, we intervened to reduce the increase, because it automatically increased by three months from 2027. We reduced it, we had to cover it with more than a billion." In concrete terms, the increase will be one month in 2027 and two months in 2028.

In addition, the Budget law does away with the possibility of going into old age pension early by accumulating the annuity of the complementary pension. It also reduces the resources for early retirement for early and arduous workers and there is no extension for Opzione Donna, the measure that was designed specifically for female workers. The adjustment to inflation but only for the lowest pensions.