Family Cord Blood Banking Act

Bill: 118-hr-8882
Sponsor: full_name: Rep. Arrington, Jodey C. [R-TX-19]
Introduced: 2024-06-28
Policy area: Taxation
Latest action: action_date: 2024-06-28
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2024-06-28
action_desc: Introduced in House
text: <p><strong>Family Cord Blood Banking Act&nbsp;</strong></p><p>This bill treats the cost of private umbilical cord blood banking services as a medical care expense for purposes of the tax deduction for medical expenses.&nbsp;</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 8882 IN THE HOUSE OF REPRESENTATIVES June 28, 2024 Mr. Arrington (for himself and Mr. Panetta ) 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, 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, 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, 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, 2023.