I don't think so but will swiss half card get a discount for travel in Italy? Such as Rome to Florence or Florence to Milan and Milan to Zermatt?
No, the Swiss Half-fare Card is only valid within Swiss borders. If you are travelling in both Italy and Switzerland you could consider the Eurail 2-country Select Pass (www.myswissalps.com/eu railselectpass). But I notice Lucas already suggested that so I guess you have already ruled it out.
You can find the Swiss Half Fare Card validity map here: www.myswissalps.com/sw isshalffarecard/validi ty
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