Family Cord Blood Banking Act

Bill: 114-hr-3982
Sponsor: full_name: Rep. Paulsen, Erik [R-MN-3]
Introduced: 2015-11-05
Policy area: Taxation
Subjects: Blood and blood diseases

Cell biology and embryology

Health care costs and insurance

Income tax deductions

Organ and tissue donation and transplantation
Latest action: action_date: 2015-11-05
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-11-05
action_desc: Introduced in House
text: <p><strong>Family Cord Blood Banking Act</strong></p> <p>This bill amends the Internal Revenue Code to treat the cost of private umbilical cord blood or tissue, or placental blood or tissue, banking services as a medical care expense for purposes of the tax deduction for medical expenses. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3982 IN THE HOUSE OF REPRESENTATIVES November 5, 2015 Mr. Paulsen (for himself, Mr. Kind , Mr. Rangel , Mr. Hastings , Mr. Marchant , Mr. Boustany , Mr. Payne , and Mr. Wilson of South Carolina ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to treat amounts paid for private umbilical cord blood or umbilical cord tissue, or placental blood or placental tissue, banking services as medical care expenses.

1. Short title This Act may be cited as the Family Cord Blood Banking Act . 2. Amounts paid for private umbilical cord blood or umbilical cord tissue, or placental blood or placental tissue, banking services treated as medical care expenses (a) In general Paragraph (1) of section 213(d) of the Internal Revenue Code of 1986 (defining medical care) is amended by striking or at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and inserting , or , and by inserting after subparagraph (D) the following new subparagraph: (E) for private umbilical cord blood or umbilical cord tissue, or placental blood or placental tissue, banking services provided by any accredited bank which is in compliance with the regulations under section 361 of the Public Health Service Act ( 42 U.S.C. 264 ). . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2015.