Climate future savings plan: income exempt from income tax and social levies; minors no longer allowed to open a retirement savings plan
The 2024 Finance Act sets the tax regime of the climate future savings plan (PEAC), created by the Green Industry Act of 23 October 2023 for people under 21: income and gains are exempt from income tax and social levies. The same article bars, from 1 January 2024, minors from opening an individual retirement savings plan (PER) and voluntary payments into the PER of a holder under 18. The PEAC part applies from the plan's start date, set at 1 July 2024 by Decree No. 2024-548 of 15 June 2024.
Measure originators
No official estimate found for this measure.
Measure impact
According to the Government's impact assessment, the cost of the exemption cannot be estimated; ending PER access for minors would yield the State less than €3.5m.
Official references
Sources
Procedure timeline
Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.
Administrative implementation
Entrée en vigueur de la mesure et mise en œuvre par l'administration
President of the Republic signature
Publication au Journal officiel
Possible referral to Constitutional Council
Décision de conformité / censure partielle
National Assembly has the final say
Si Ă©chec CMP
Debate and vote
Debate and vote
Débat et vote en séance publique à l'Assemblée nationale, ou engagement de la responsabilité du Gouvernement (article 49.3)
Council of Ministers
Validation interne