Tax Relief: Blood Storage Expenses Qualify as Medical Care.
This act aims to make it easier for citizens to deduct costs related to storing blood or blood-derived biomaterials. These expenses will now be treated as medical care costs, potentially lowering the income tax for individuals incurring such fees.
Key points
Expenses for storing blood and blood-derived biomaterials will be considered medical expenses.
Potential for tax deductions on these costs, leading to savings.
Changes apply to expenses paid or incurred after the act's enactment date.
Expired
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