The Recovery Plan Decree has been approved, a measure that aims to facilitate and simplify the implementation of the NRP, so as to achieve the goals identified in agreement with the EU by December 31, 2021 (recall that the EU's demands include the renovation of at least 3,500 accommodation facilities).
Let's take a look, below, at what measures are contained in the new "Tourism Package" worth 2.4 billion euros and how the resources made available will be managed to support the recovery of the tourism-retail sector.
The facility much desired by Tourism Minister Garavaglia, will be one of the provisions included in the new Pnrr decree law. The 80 percent superbonus will be available not only to hotel businesses, but also to agritourisms, spas and bathing establishments, marinas, theme parks, fairs and congresses. As already anticipated by the minister himself, energy efficiency works will be financed, as well as interventions aimed at earthquake-resistant upgrading and theelimination of architectural barriers.
To qualify for the benefits, one must undertake the work after the new decree comes into force with a commitment to complete it by December 31, 2024. Most likely, funding will also be provided for investments and interventions that have already been initiated but not completed before the new decree, all that is needed is proof that the work has begun after February 1, 2020.
Beneficiaries will be able to decide to use the 80 percent superbonus as an offset as a tax credit or transfer it, partially or fully, to third parties no later than tax year 2025.
The second measure to be allocated to the tourism and hospitality sector concerns the Lost Fund. Basically, the same group of beneficiaries of the Superbonus 80% will be able to apply for a non-repayable contribution for a maximum amount of up to 40 thousand euros. In addition, an additional 30 thousand euros can be added to the quota obtained if 15 percent of the investment is used for interventions aimed at digitization and technological innovation of accommodation facilities.
Alternatively, applicants will be able to obtain an increase of 20,000 euros in the case of female and youth (under 35) entrepreneurship activities, or an increase of 10,000 euros for businesses operating in a southern Italian region.
Regardless of the cases, tourism-accommodation businesses will not be able to obtain financing in excess of 100 thousand euros in total (subject to the limits set by the Temporary framework regarding aid made available by the state during the Covid emergency). The amounts due will be disbursed in one lump sum upon completion of the work envisaged by the investment, but it is also possible to request an advance payment of 30 percent.
Considering the limits imposed by the Temporary framework (according to which state aid can be granted up to 1.8 million euros per individual company), the government has thought of introducing two other instruments to target more structured companies that need larger sums:
- Creation of a special section of the SME Guarantee Fund dedicated to enterprises in the tourism sector.
- Creation of a revolving fund for business support and development investment in tourism.
Through the special section of the Guarantee Fund, about 24 thousand investment projects would be financed with guarantees of 2.7 billion euros. In addition, to meet the criteria imposed by the NRP, 40 percent will be allocated to businesses in southern Italy, while 30 percent will be allocated to new businesses under 35 or women's businesses.
With the revolving fund, on the other hand, the government commits to support 300 medium-sized companies by December 31, 2025. The contributions, in fact, will cover 35 percent of eligible expenses and costs in the limit of 40 million for the years 2022 and 2023, and in the limit of 50 million for each of the following years. There is also a 50 percent reserve for interventions aimed at energy upgrading and digital innovation.
An ad hoc measure is also planned for travel agencies and tour operators, which aims to support interventions aimed at technological innovation in operations. The resources made available (about 98 million euros) will be spread between 2022 and 2025.
Specifically, beneficiaries will be able to obtain a tax credit equal to 50 percent of the costs incurred for the digitization of services up to a maximum limit of 25,000 euros. Eligible expenses include: the purchase and/or creation of websites; participation in web portals; and the adoption of systems for automating the booking and sale of accommodation services.