The Family Cord Blood Banking Act would allow families to deduct the costs of private umbilical cord blood and cord tissue banking as medical expenses on their federal income taxes. Currently, these services are not eligible for tax deductions under the medical expense category, but this bill would change that by amending the tax code to classify them as qualified medical care. The bill applies only to banking services provided by accredited banks that comply with federal health regulations. The change would take effect retroactively for the 2025 tax year and beyond, allowing families who paid for these services starting January 1, 2025 to potentially claim them as deductions. No specific funding is allocated in the bill since it operates through the tax code rather than direct government spending.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.