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France Reduces Tax Credits
The French Finance Law for 2013 (Loi de finances pour 2013, LF 2013) has reduced the maximum limit on tax credits from EUR 18,000 + the previously prescribed rate to EUR 10,000. Income tax liability can be offset with tax credits up to a certain cap.
Under this cap, the utilizable tax credits include:
· Interest paid on the acquisition of a principal residence.
· Interest paid on investments in rental real estate.
· Interest paid on investments in venture capital funds.
The above cap of EUR 10,000 will not be applicable on tax credits arising out of investments made in French overseas departments (Guadeloupe - including the islands of St. Martin and St. Barthélémy, Martinique, French Guyana, Réunion and Mayotte) and overseas territories (Wallis and Futuna, New Caledonia, French Polynesia, St. Pierre and Miquelon). Hence, they will continue to be capped at EUR 18,000.
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