Malraux scheme turned into a 30% or 40% income tax reduction

Article 84 of the 2009 Finance Act replaces, for buildings whose building permit application or works declaration is filed from 1 January 2009, the unlimited offset against total income of property losses from restoration works (the “Malraux” scheme) with an income tax reduction (Article 199 tervicies of the General Tax Code). It equals 30% of spending on the full restoration of a building in an architectural, urban and landscape heritage protection zone (with a public interest declaration), and 40% in a safeguarded sector, within an annual limit of €100,000 of spending. The owner must let the unfurnished property as the tenant's main home for nine years.