Renewal of the Tax Credit for Investment in Corsica until 12/31/2023
The Third Amending Finance Law for 2020, adopted on July 30, 2020, extended the tax credit scheme for investment in Corsica until December 31, 2023.
This mechanism, provided for in Article 244 quater E of the French General Tax Code, allows for a tax credit equal to 20% of the cost price of certain investments, subject to certain conditions.
The rate is increased to 30% for companies employing less than 11 employees and whose annual revenues or annual balance sheet total does not exceed €2 million.
It should be remembered that furnished tourism activities are no longer eligible for this scheme.
This exclusion does not apply to bed and breakfasts within the meaning of Article L. 324-3 of the French Tourism Code, with para-hotel services (BOI-BIC-RICI-10-60-10-20, No. 275).
It should also be specified that the exclusion of maritime transport activities only applies, as far as passengers are concerned, to transport by sea between ports. Thus, the activities of sea trips by which the persons embarked are not transported from one port to another are not excluded from the system. A company whose sole purpose is to visit sites by boat can therefore benefit from the tax credit (CAA Marseille, 13 Apr. 2017, No. 16MA01871, Min. c/ EURL Via Mare).
In case of doubt about the eligibility of the investment, it is preferable to apply for a rescrit with the tax authorities, which will avoid any subsequent contestation.
The law firm of Maître DIONISI-NAUDIN is at your disposal to draft this request and to accompany you in your steps.