La valutazione del credito d'imposta per gli investimenti

The paper examines how private investment responds to investment tax credit, enacted by Italy's Law 388/2000. To assess whether the program made investments possible that otherwise would not have been made, it exploits some features of the tax credit scheme, such as the fact that some Italian regions are not deemed to be eligible or the amount of the bonus differs across eligible regions. While the program turned out to be fiscally unsustainable over time, and thus it was downsized well ahead of the expiration date, the empirical evidence suggests that it has been effective in stimulating investment.