To 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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill amends IRC Section 213(d)(1) to include private umbilical cord blood and tissue banking services as deductible medical care expenses, provided the services are from accredited banks compliant with Public Health Service. It relies on tax deductions. The main policy areas are Healthcare.
Who Benefits and How
Families banking newborn cord blood/tissue privately could see lower costs, Private cord blood and tissue banking companies could gain revenue opportunities, and Higher-income taxpayers with newborns could see lower costs.
Who Bears the Burden and How
Federal government (tax revenue) could lose revenue opportunities.
Key Provisions
- Amends IRC Section 213(d)(1) to include private umbilical cord blood and tissue banking services as deductible medical care expenses, provided the services are from accredited banks compliant with Public Health Service...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill amends IRC Section 213(d)(1) to include private umbilical cord blood and tissue banking services as deductible medical care expenses, provided the services are from accredited banks compliant with Public Health Service.
Key Policy Areas
Healthcare
Primary Purpose
The bill amends IRC Section 213(d)(1) to include private umbilical cord blood and tissue banking services as deductible medical care expenses, provided the services are from accredited banks compliant with Public Health Service.
Policy Domains
Full Bill - Family Cord Blood Banking Act
Identified Gains
- Families banking newborn cord blood/tissue privately
- Private cord blood and tissue banking companies
- Higher-income taxpayers with newborns
Identified Costs
- Federal government (tax revenue)
Sponsors
Legislative Progress
IntroducedMr. Arrington (for himself, Mr. Panetta, and Mr. Davis of …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Families banking newborn cord blood/tissue privately, Higher-income taxpayers with newborns
Private cord blood and tissue banking companies
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "irs"
- → Internal Revenue Service
- "treasury"
- → Department of Treasury
Key Definitions
Terms defined in this bill
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)
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology