The Court of Auditors has just published an evaluation report on the tax reduction for Pinel rental investment. While it regrets the lack of truly usable data, it highlights a rather achieved objective to meet tenant demand.
We have known it to be more virulent. In its latest evaluation report on the Pinel tax aid for rental investment, the Court of Auditors certainly notes imperfections in the tax exemption system. But it nevertheless underlines its contribution to the construction of housing corresponding to the needs of the targeted households. An assessment which comes at a time when the tax niche (read the box) must end on December 31, 2024, 10 years after its entry into force in 2014 (decision taken under the government of Élisabeth Borne) and that there is, for the moment, no replacement system planned, despite repeated requests from promoters.
Read alsoTake advantage of Pinel offers before the end of the tax exemption scheme
An imperfect device
Based on the 244,000 electronic tax returns (paper returns were not taken into account), deemed “unreliable, incomplete and poorly controlled”, and highlighting the absence of precise objectives defined in advance, the Court of Auditors regrets the impossibility of arriving at a reliable and precise assessment of the role of the system in the production of intermediate housing. However, it highlights “a real volume effect”, with Pinel having “largely contributed to the triggering of real estate transactions that could not have been completed, or less quickly, without this orientation of French savings”. Estimating its cost at 7.3 billion euros in 2023, the Court deplores the impossibility of being able to quantify it until the end of its effects in 2038.
A perverse side effect is highlighted: the “dependence” of developers on tax incentive mechanisms to launch operations. The Court of Auditors also regrets the insufficiently fine zoning of the system (tightened over time in the most strained areas and excluding individual houses since 2021) and a lack of awareness among local elected officials regarding the production of intermediate housing in their territories.
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A response to the needs of the French[…]
- challenges.fr
