Abolition of imputed rental value clears another hurdle
Published: Wednesday, Dec 18th 2024, 11:20
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The abolition of the imputed rental value is one step closer. On Wednesday, the Council of States surprisingly approved the solution of a complete system change proposed by the Unification Conference by 22 votes to 15 with 6 abstentions.
In each of the three rounds of consultations, the councils were unable to reach a consensus. The positions were so far apart that it seemed difficult to find a solution. Like the Federal Council, the National Council wanted to abolish the imputed rental value completely, including for second homes.
The Council of States called for only primary residences to be exempt from imputed rental value taxation. One of the reasons it gave for this was the resistance of many cantons to exempting second homes, as they feared that this would result in a large loss of revenue.
At the last moment, the Council of States performed a U-turn and endorsed the National Council's concept. It also gave in on the new solution regarding the deduction of debt interest. The SP and the Greens as well as individual members of the center party voted against.
Still high hurdles
However, it is likely to be some time before the imputed rental value is actually abolished. The bill still has to survive the final votes. In addition, the abolition of the imputed rental value is linked to another transaction.
In order to make up for the loss of revenue for tourism cantons, the National Council is proposing a new property tax for second homes. This should come into force at the same time as the abolition of the imputed rental value. However, the cantons would be free to levy such a tax.
The new tax requires a constitutional amendment with a mandatory referendum and therefore a yes vote from the people and the cantons. Last week, however, the Council of States did not even want to consider the corresponding bill. It will make a second attempt on Thursday.
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