The 2017 Tax Cuts and Jobs Act (the “2017 Act”) contains both incentives and disincentives for charitable giving. With the increase in the standard deduction, it is anticipated that fewer taxpayers will itemize their deductions. Obviously, a taxpayer that opts for the standard deduction instead of itemizing (i.e. listing each eligible deduction separately) does not receive any tax benefit from specific tax deductions, such as charitable deductions. In addition, the lower tax rates contained in the 2017 Act, makes deductions less valuable for those taxpayers choosing to itemize. Nonetheless, taxpayers that choose to itemize and make charitable gifts will find a potential benefit in the new law because under the 2017 Act, a taxpayer can deduct qualified charitable deductions of up to 60% of the taxpayer’s annual income. Historically, the deduction was capped at 50% of the taxpayer’s income. In addition, charitable contribution in excess of the 60% maximum can be carried for forward (and deducted) for up to five years.