Public Law 115-123, the Bipartisan Budget Act of 2018, enacted February 9, 2018, extended certain tax provisions for 2017. This Act also expanded disaster relief to additional 2017 Presidentially declared disaster areas. See Publication 976 for more information about disaster relief.
When using the 2017 Instructions for Schedule F (Form 1040), please note the following changes for line 22.
- You must also reduce your deduction by the amount of the credit for affected disaster area employers (Form 5884-A).
- The Empowerment Zone Employment Credit and Indian Employment Credit are extended. If these credits are taken, you must also reduce your deduction by the amount of the applicable credit.