(A) The Tax Cuts and Job Acts Tax Reform was signed by President Trump on December 22, 2017, being Pub. L. No. 115-97, making changes to the itemized and net operating loss deductions, beginning tax year 2018.
(B) The following itemized deductions are no longer deductible on Schedule A: job related moving expense, except for military; miscellaneous write-offs which include employee business expense (Form 2106), brokerage and IRA fees; hobby expense and cost of tax return preparation.
(C) Personal casualty losses, with the exception of presidentially declared disaster areas are no longer allowed and the deduction for state and local taxes is capped at $10,000.
(D) The above changes are in effect beginning with the 2018 tax year and ending with the 2025 tax year.
(E) Net operating loss will now be deducted as a means to reduce income before the allocation calculation is made, not after. This is a permanent change in the Tax Cuts and Job Acts Tax Reform.
(Ord. 2019-05, passed 3-4-2019)