Blood Storage Costs Qualify as Medical Expenses for Tax Purposes.
New rules allow expenses for storing blood or blood-derived biomaterial to be tax-deductible as medical care costs. This means citizens incurring such expenses can reduce their taxable income, potentially leading to financial savings.
Key points
Expenses for blood or blood-derived biomaterial storage are now officially recognized as medical care costs.
This change allows these costs to be deducted from income tax, potentially lowering citizens' financial burdens.
These provisions apply to expenses paid or incurred after the Act's enactment date.
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