Tax deduction for private cord blood and tissue banking services.
This new law allows families to deduct the costs of private umbilical cord blood and tissue banking services as medical expenses. This means that families choosing these services can reduce their taxable income, potentially leading to financial savings. These changes will apply to tax years beginning after December 31, 2024.
Key points
Private umbilical cord blood and tissue banking services will be treated as deductible medical expenses.
This change can lower the tax burden for families utilizing these services.
The provisions will be effective for tax years starting after December 31, 2024.
Status:
Introduced
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