To amend the Internal Revenue Code of 1986 to allow a credit against tax for expenses related to the collection and storage of umbilical cord blood.

Amends the Internal Revenue Code to allow a tax credit for 50% of qualified umbilical cord blood collection and storage expenses, up to $2,000 in a taxable year. Defines "qualified umbilical cord blood collection and storage expenses" as expenses directly related to the collection, storage, and maintenance of umbilical cord blood collected at the birth of a child.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 115 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 115

 To amend the Internal Revenue Code of 1986 to allow a credit against 
  tax for expenses related to the collection and storage of umbilical 
                              cord blood.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 2007

Mrs. Jo Ann Davis of Virginia 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 allow a credit against 
  tax for expenses related to the collection and storage of umbilical 
                              cord blood.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CREDIT FOR COLLECTION AND STORAGE OF UMBILICAL CORD BLOOD.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 25D the 
following new credit:

``SEC. 25E. CREDIT FOR COLLECTION AND STORAGE OF UMBILICAL CORD BLOOD.

    ``(a) Allowance of Credit.--In the case of an eligible individual, 
there shall be allowed as a credit against the tax imposed by this 
chapter an amount equal to 50 percent of the qualified umbilical cord 
blood collection and storage expenses paid or incurred by the taxpayer 
during the taxable year.
    ``(b) Limitation.--The credit allowed under subsection (a) for any 
taxable year shall not exceed $2,000.
    ``(c) Qualified Umbilical Cord Blood Collection and Storage 
Expenses.--For purposes of this section--
            ``(1) In general.--The term `qualified umbilical cord blood 
        collection and storage expenses' means expenses directly 
        related to the collection, storage, and maintenance of 
        umbilical cord blood that is collected on the occasion of the 
        birth of a child of the taxpayer.
            ``(2) Umbilical cord blood.--The term `umbilical cord 
        blood' means--
                    ``(A) the neonatal blood remaining in the placenta 
                and umbilical cord after separation of the mother from 
                the newborn baby, or
                    ``(B) any other part of the umbilical cord.
    ``(d) Eligible Individual.--For purposes of this section, the term 
`eligible individual' means the mother of the child referred to in 
subsection (c)(1). In the case of a joint return, the taxpayer shall be 
treated as an eligible individual if either spouse is an eligible 
individual.''.
    (b) Clerical Amendment.--The table of sections for subpart A of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 25D the following new 
item:

``Sec. 25E. Credit for collection and storage of umbilical cord 
                            blood.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.
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