Italian Budget Law 2024

Budget Law 2024, the (almost) definitive text with all the new features

The Council of Ministers has reached agreement on the 2024 Budget Law, so much so that below you will find the text stamped by the State Accounting Office ready for the parliamentary examination which must be concluded by the end of the year (under penalty of provisional exercise ).
109 articles, 6 annexes, for a maneuver whose cost is 24 billion euros of which 16 billion are freed from the extra deficit while the other 8 billion are financed by cuts in public spending.
It must be said that the text of the final 2024 budget law is very different from what was announced at the press conference last 16 October: the majority had in fact to find a solution on various measures, in particular on pensions and new taxes (such as the dry coupon at 26% on short-term rentals).
Now the text may be subject to changes again with its passage through Parliament, although the government has made it clear that the maneuver is more or less ironclad: therefore no distortions will be allowed, at most some improvements as long as it falls within the established limits.
The time has therefore come to summarize the most important innovations in the text of the 2024 Budget Law (which you can download below).
From the contribution relief to the tax changes, up to the pension reform and support for families: here's everything you need to know.
Budget Law 2024 Contribution relief Tourism pay slip bonus Fringe benefit Rai license fee First part of the tax reform Support for families and parenting Card dedicated to you Renewal of public employment contracts Pensions Normalization of the Superbonus 1,000 euro coins Renewed bonuses Contribution relief Also in 2024 the relief which reduces the contribution rate owed by the worker is confirmed, usually equal to 9.19% of the gross salary in the private sector and 8.80% in the public sector, but from July this year reduced by 6 points for those has a salary that does not exceed 2,692 euros and 7 points for those who reach a maximum of 1,923 euros.
Although the December 2023 salary should be the same as that of January 2024, as the contribution relief in the aforementioned measure has already been applied since July this year, overall the annual salary increase will be greater.
read also Paycheck bonus, the new amounts with confirmation of the contribution relief (the tables) However, it should be underlined that the relief in 2024 does not apply to the thirteenth salary, on which the full contribution rate continues to apply.
Which means that the thirteenth salary in 2024 will be lower than that paid in 2023.
Tourism paycheck bonus Confirmed, for the period between 1 January and 30 June 2024 the paycheck bonus awarded to employees employed in the tourism sector , hospitality and spa equal to 15% of the gross compensation received for the service performed at night and for overtime worked on public holidays.
read also Tourism paycheck bonus in the 2024 budget law: what it is, how much is due and requirements Fringe benefit Also new for fringe benefits, for which we move from a tax exemption threshold of 3,000 euros (only for workers with children) applied in 2023 to: 2,000 euros tax-free for those with children; 1,000 euros tax-free for those without children.
It is worth remembering that without government intervention the exemption threshold for so-called fringe benefits was only up to 258.30 euros.
Rai license fee With the Budget law, an initial cut of the Rai license fee in the energy bill is authorized.
The objective is to gradually overcome the charge with a 25% reduction in the amount, which will therefore go from 90 to 70 euros.
read also Lowest RAI license fee since 2024, the new amounts and how it will be paid First part of the tax reform As regards the tax reform, the government has authorized the revision of the Irpef rates, with the brackets going from four to three: up to 28 thousand euros (and no longer 15 thousand) a rate of 23% applies; between 28 thousand and 50 thousand a rate of 35% continues to be applied; above 50 thousand, however, the rate remains 43%.
An operation which will result in an advantage of up to 260 euros for incomes of 28 thousand euros or more.
However, for those who earn more than 50 thousand euros the "IRPEF cut" effect is sterilized by saying goodbye to some deductions: for these, therefore, there will be no savings in the paycheck.
read also How the Irpef changes in the pay slip and how much more you earn in 2024 Support for families and parenting Another priority of the 2024 Budget law is represented by supports in favor of families and parenting.
In detail, we can summarize the approved measures as follows: paycheck bonus for mothers with two or three children, for whom the share of contributions deducted from the paycheck is completely eliminated up to a maximum of 3,000 euros; increase in the nursery bonus starting from the second child, but only for those born after 2024 and for those with an ISEE of less than 40 thousand euros; parental leave, additional month paid at 60%.
exclusion of government bonds from the ISEE calculation, but within a limit of 50 thousand euros; VAT on early childhood products is instead raised to 10%.
read also How much tampons and early childhood products will increase in 2024 Card dedicated to you The instrument known as Card dedicated to you is confirmed, a bonus which this year was equal to 382.50 euros (plus another 80 euros arriving in the next months) and which was used by approximately 1 million and 300 thousand families to purchase basic food products, get petrol or purchase a public transport season ticket.
However, a new assignment procedure will be necessary.
read also Card Dedicated to you, new beneficiaries and other money with the 2024 Budget Law Renewal of public employment contracts In the 2024 Budget Law there are also resources for the renewal of public employment contracts in view of the start of the bargaining for the three-year period 2022-2024.
In detail, in total we have 8 billion euros, of which 3 billion for 2024 and 5 billion for 2025.
But as explained by Giorgia Meloni, the priority for 2024 is to reach the renewal for the Defense and Security sector.
Furthermore, an increase in the contractual holiday allowance for staff with permanent employment contracts is planned for the month of December 2023.
read also Paycheck bonus for public employees, when it actually arrives (and tables with the amounts) Pensions For pensions, however, the government had to take into account the resources necessary to guarantee the increases due to inflation.
The revaluation rate this year should be between 5% and 6% (5.4% is the percentage estimated in the Nadef).
However, new rules are envisaged for the revaluation compared to those introduced in 2023: between 4 and 5 times the minimum the percentage rises from 85% to 90%, while checks whose amount exceeds 10 times the minimal treatment.
Added to this: confirmation of Quota 103 but with recalculation of contributions; new economic requirements for pure contributors, who can access the old-age pension (67 years of age and 20 years of contributions) provided they have achieved a pension equal to the amount of the social allowance (today the limit is 1, 5 times), and to the early one (64 years and 20 years of contributions) with a pension equal to 3 times the social allowance (2.8 the current limit); the age for access to the Social Ape rises to 63 years and 5 months (compared to the current 63 years); Woman Option confirmed, but only for the categories already identified by the 2023 Budget Law (invalids, caregivers and unemployed or fired from large companies) and provided they are 61 years of age (60 years the current limit).
This remains without prejudice to the possibility of reducing the age requirement by 12 months for each child, for a maximum of 24 months.
However, there is no confirmation of the extraordinary revaluation recognized in favor of the minimum pensions of the over 75s; in the absence of any changes with the passage in Parliament, therefore, the 2.7% increase already foreseen by the last budget would be applied for everyone.
read also Pensions, the requirements to go there are official in 2024 Normalization of the Superbonus There is also news for the Superbonus, for which no other extensions are currently planned.
Indeed, the government will also eliminate what represented a key feature of the Superbonus: the possibility of using the deduction via invoice discount and credit transfer.
Instead, the possibility of being able to deduct the expense in 10 years (instead of 4) is restored also for expenses incurred for 2023.
read also Superbonus, the extension of the deduction in 10 years arrives: who does it concern? 1,000 euro coins For collectors only, the State Printing and Mint Institute will be able to mint coins of a higher denomination than those previously foreseen, up to a maximum of 1,000 euros.
The current range of denominations is expanded (5,10, 20 and 50 euros): legal tender coins will be available for collectors only in Italy in denominations of 0.25, 0.75, 1.5, 3, 4, 5 , 6, 10, 20, 25, 50, 100, 200, 500 and 1,000 euros.
read also New €1,000 coins arriving from the Mint, is it worth investing in collectible euros? Renewed bonuses The allocation for first home mortgages has been confirmed (around 380 million euros), as well as that for refinancing the extraordinary contribution for the high cost of energy and the social electricity bonus to support the weakest segments of the population (but only in the first quarter of the year 2024).
New resources also for the transport bonus.

Author: Hermes A.I.

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