From 2017, new corporate income tax benefits will be available to incentivise the restoration of historical buildings. The following benefits will be available for companies undertaking maintenance or renovation of historical monuments and other buildings placed under local protection recorded in their books:  

Maintenance: A double deduction of maintenance costs will be allowed from the corporate income tax base, i.e. in addition to the cost recorded for accounting purposes, a tax base decreasing item will apply for the same amount. The tax base can be decreased by up to 50% of the pre-tax profit and the resulting tax saving achieved is capped at EUR 50 million. 

Renovation increasing the value of historical monuments: In addition to the cost of renovation accounted for as part of the depreciation costs (if any), taxpayers will be able to benefit from decreasing their corporate income tax base by double the renovation costs incurred. As opposed to the tax base allowance detailed above related to maintenance, the tax base allowance related to renovation may cause the tax base to turn into negative, the tax saving, however, is maximised in EUR 100 million. 

The same EUR 100 million cap applies for a combined utilisation of tax benefits related to both maintenance and renovation. 

The tax benefits related to maintenance and renovation are available if the works have been carried out voluntarily, rather than on the basis of an official order or if a new owner specifically undertakes to comply with an earlier obligation imposed on its predecessor. The tax benefits related to renovation can be passed on to a group entity providing the necessary funds.