HR 8882
Family Cord Blood Banking Act
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill, the Family Cord Blood Banking Act, aims to allow individuals to deduct the costs of private umbilical cord blood banking services from their federal income taxes. It amends the Internal Revenue Code to specifically include these banking services as ‘medical care’ expenses, similar to other healthcare costs. This change would provide tax relief to families who choose to bank their baby’s cord blood. The bill takes effect starting January 1, 2024.
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