Family Cord Blood Banking Act (H.R. 8882)

Where This Stands

Introduced

Committee

Floor Vote

Passed

Signed

Currently IN_COMMITTEE. The next step in the legislative lifecycle is Floor Vote.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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The Frame

What this does

This change would allow taxpayers who itemize their deductions to lower their taxable income by the amount spent on private cord blood banking services, provided the banking facility is accredited and compliant with federal health regulations.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Taxpayers

Individuals who pay for private cord blood banking services may be able to claim these costs as medical expenses on their federal tax returns.

Private cord blood banks

Accredited banks meeting federal health standards may see increased demand for their services due to the tax-deductible status.

What changed

Current stage: IN_COMMITTEE.

What's next

Floor Vote.

Summary

This bill allows families to count the costs of private umbilical cord blood and tissue banking as tax-deductible medical expenses. If passed, these payments would be treated the same as other qualified medical costs under the Internal Revenue Code.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Why It Matters

This change would allow taxpayers who itemize their deductions to lower their taxable income by the amount spent on private cord blood banking services, provided the banking facility is accredited and compliant with federal health regulations.

Frequently Asked Questions

Does this bill make cord blood banking free?

No. It allows you to include the cost of these services as a medical expense for tax deduction purposes, which may reduce your overall tax liability if you .

Are all cord blood banks covered by this bill?

Only those that are accredited and in compliance with federal regulations under .

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Expansion of Medical Tax Deductions

The bill represents a legislative effort to expand the definition of 'medical care' to include elective, private biological storage services.

Internal Revenue Code of 1986

Connected Entities

personMr. Panetta“co-sponsored the bill”Map →

bill_numberH.R. 8882“the bill's identification number”Map →

bill_numberInternal Revenue Code of 1986“the law being amended”Map →

dateDecember 31, 2023“when the changes take effect”Map →

bill_number213(d)“section of the Internal Revenue Code”Map →

bill_number361“Public Health Service Act”Map →

personMr. Arrington“introduced the bill”Map →

Analysis Score

0–100

Significance45
How much this matters to a regular citizen
Controversy10
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz15
Current news / social attention level