April 10, 2025
Mr. Arrington (for himself, Mr. Panetta, and Mr. Davis of North Carolina) introduced the following bill; which was referred to the Committee on Ways and Means
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.
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
Section 213(d)(1) of the Internal Revenue Code of 1986 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, 2024.