Family Cord Blood Banking Act

This bill lets families count the cost of private umbilical cord blood or cord tissue banking as a medical expense for tax purposes. To qualify, the service must be from an accredited bank that follows federal health regulations under the Public Health Service Act. This change applies starting with the 2025 tax year.

Key points:

• Who is affected: People who pay for private cord blood or cord tissue banking from an accredited, compliant bank.
• What changes: These payments can be counted as medical expenses on your taxes.
• When: For tax years beginning after December 31, 2024 (the 2025 tax year and beyond).