The French Constitutional Council validated nearly all of the 2026 finance bill on February 19, censoring only eight minor provisions and issuing reservations on two others. This includes approval of the holding tax despite Prime Minister Sébastien Lecornu's referral, allowing President Emmanuel Macron to promulgate the law after the National Assembly's adoption earlier in February.
Following the National Assembly's adoption of the 2026 finance bill on February 2 after rejecting no-confidence motions, the Constitutional Council—presided by Richard Ferrand—met on February 19 and approved the text almost entirely. Only eight minor provisions were censored, with reservations on two articles to constrain interpretations.
For the first time in 49 years, Lecornu had referred three fiscal measures to the Council: the new holding tax, tightened Dutreil tax niche, and restricted apport-cession mechanism (allowing tax-free reinvestment of company sale proceeds). None were overturned, preserving measures targeting high earners drawn from the Senate version and amendments.
This decision concludes a four-month saga that began in July 2025, enabling final promulgation and ending debates on the budget aiming for a 5% GDP deficit.
