Tax deduction for private umbilical cord blood and tissue banking costs.
This bill allows citizens to deduct the costs of private umbilical cord blood or tissue banking services as medical care expenses on their tax returns. This change means families incurring these costs can potentially reduce their taxable income, lowering their overall tax burden. The amendments apply to taxable years beginning after December 31, 2023.
Key points
Costs for private cord blood and cord tissue banking services are now treated as deductible medical expenses for tax purposes.
The change applies only to services provided by accredited banks that comply with federal public health regulations.
The new tax deduction rules are retroactive, covering taxable years beginning after December 31, 2023.
Expired
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