118 HR 8882 IH: Family Cord Blood Banking Act U.S. House of Representatives 2024-06-28 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 8882IN THE HOUSE OF REPRESENTATIVESJune 28, 2024Mr. Arrington (for himself and Mr. Panetta) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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.

1.

Short title

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

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.