Family Cord Blood Banking Act

Family Cord Blood Banking Act 

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. 

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8882 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8882

 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.


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                    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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Cord Blood Banking Act''.

SEC. 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.
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