Family Cord Blood Banking Act

This legislation, titled the "Family Cord Blood Banking Act," seeks to amend the Internal Revenue Code of 1986 to expand the definition of medical care expenses. Specifically, it proposes to include amounts paid for private umbilical cord blood, or umbilical cord tissue, banking services as deductible medical expenses. Under the proposed amendment to Section 213(d)(1) of the Code, these services would be recognized if provided by an accredited bank complying with regulations under the Public Health Service Act. This change would allow individuals to deduct the costs associated with these services from their taxable income, thereby potentially reducing their tax burden. The provisions of this act are slated to take effect for taxable years beginning after December 31, 2024.