Section 1 Short title
This Act may be cited as the “Family Cord Blood Banking Act”.
Family Cord Blood Banking Act
A BILL
To amend the Internal Revenue Code of 1986 to treat amounts paid for private umbilical cord blood or umbilical cord tissue, or placental blood or placental tissue, banking services as medical care expenses.
Sec. 2 Amounts paid for private umbilical cord blood or umbilical cord tissue, or placental blood or placental tissue, banking services treated as medical care expenses
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, or placental blood or placental 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).”
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2017.