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Do you have to buy a palace to benefit from the tax relief for monuments?

April 6, 2024

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Do you have to buy a palace to benefit from the tax relief for monuments?

We were surprised by changes in remuneration rates, changes in the structure of settlement of business activities, but also, as noted by Dr. Jowita Pustuł, who publicized this topic – tax relief for monuments.

What is the relief?

This is a tax incentive – a deduction from the tax base:

50% of the amount of expenses incurred for payments to the renovation fund and for conservation, restoration and construction works related to the monument (entered into the register of monuments or included in the register of monuments),
expenditure on the acquisition of a monument entered in the register of monuments, no more than the amount corresponding to the product of PLN 500 and the number of square meters of the usable area of this monument; the deduction limit for all the taxpayer’s investments in this respect may not exceed PLN 500,000.

Who can benefit from the relief?

The relief is addressed to PIT taxpayers who pay tax according to the tax scale, flat tax or lump sum tax on recorded income. The relief will be available to PIT taxpayers who are owners or co-owners of immovable monuments who have incurred expenses for:

payments to the renovation fund of a housing community or housing cooperative established, in accordance with separate regulations, for an immovable monument entered in the register of monuments or included in the register of monuments,
conservation, restoration or construction works in an immovable monument entered in the register of monuments or included in the register of monuments,
paid acquisition of an immovable monument entered in the register of monuments or a share in such a monument, provided that the taxpayer incurred renovation and conservation expenses for the acquired property.

To sum up, not only new owners of impressive, expensive monuments can benefit from the new regulations. The relief is also intended for housing communities and cooperatives. Therefore, for example, residents of tenement houses entered in the register or register of monuments may benefit. Will Polish city centers improve their appearance thanks to the New Deal?