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Treats payments for private umbilical cord blood and cord tissue banking as qualifying medical care expenses for federal tax purposes, when the banking service is provided by an accredited bank operating under the Public Health Service Act requirements. The change applies to tax years beginning after December 31, 2024, so affected taxpayers can claim these payments under applicable tax-advantaged accounts and medical-expense rules starting in 2025 tax years.
Referred to the House Committee on Ways and Means.
Introduced April 10, 2025 by Jodey Cook Arrington · Last progress April 10, 2025