Innovative ACE Credit Tax

With the decree “Sostegni bis” was introduced the so called “innovative ACE”, which consists in the application of a nominal yield of 15%, instead of the usual 1.3%. Compared to the normal determination of the ACE base, the higher rate applies only to increases in own capital through cash injections and reserves of profits that occurred after the current year on 31 December 2020. The new ACE yield can be used to reduce taxable income in the declaration of competence or can be transformed into a tax credit equal to the notional yield multiplied by the IRPEF or IRES rates in force in the tax period on 31/12/2020.

How to claim the Innovative ACE Credit Tax

For the purpose of the recognition of the above mentioned tax credit, taxpayers must submit a special application, which must be transmitted to the Tax Authority within the deadline for the submission of the tax return 2022 (30 November 2022 for “solar”).

The Tax Authority has provided the forms to be used for the request and the related instructions and has specified that the request must be submitted electronically.

The Revenue Agency shall notify the outcome of the recognition of the tax credit within 30 days of the submission of the application. In case of success, the tax credit may be used in compensation via F24 form, or it may be claimed for refund by its indication in the tax declaration in which the credit arises.

Alternatively, the tax credit can also be transferred to third parties and, in this case, the transferee can use the credit in the same manner as indicated above, provided for the transferor.

Finally, it is recalled that the tax credit does not contribute to the formation of income and can be used as compensation without limit of amount.