Bill > HR2810

This bill proposes to amend the Internal Revenue Code to allow taxpayers to treat payments for private umbilical cord blood or umbilical cord tissue banking services as medical care expenses for tax purposes. Specifically, the bill would add a new provision to the tax code that recognizes fees paid to accredited cord blood banks as a qualified medical expense, similar to other existing medical care expense categories. Umbilical cord blood and tissue banking involves collecting and storing stem cells from a newborn's umbilical cord, which can potentially be used for future medical treatments. The change would allow individuals to use pre-tax dollars or claim these expenses as tax deductions, making private cord blood banking more financially accessible. The amendments would take effect for taxable years beginning after December 31, 2024, giving taxpayers and banking services time to prepare for the new classification. The bill, known as the "Family Cord Blood Banking Act," aims to provide a tax benefit for families who choose to store their newborn's cord blood or tissue for potential future medical use.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2810/all-info