France Reduces VAT, Exempts Property Tax for Select Social Housing Renovations

• The French Official Gazette published Decree No. 2024-1142 on December 5
• The decree applies a reduced VAT rate of 5.5 percent
• It also exempts certain social rental housing from property tax on built properties
• Tax benefits target housing in Guadeloupe, Guyana, Martinique, Reunion, and Mayotte
• Benefits also apply to buildings that meet specific energy and environmental performance standards
• Eligible buildings must use at least 50 percent renewable heat sources for domestic hot water
• The decree becomes effective on December 6

Source: news.bloombergtax.com

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