H.R. 2810: Family Cord Blood Banking Act

This legislation, known as the Family Cord Blood Banking Act, proposes changes to the Internal Revenue Code regarding medical care expenses. Specifically, it aims to allow individuals to consider payments made for private umbilical cord blood or cord tissue banking services as eligible medical care expenses.

Key Provisions

• Inclusion of Banking Services: The bill amends section 213 of the Internal Revenue Code, which currently defines what qualifies as medical care expenses. It adds private umbilical cord blood and cord tissue banking services to this list.
• Requirements for Banks: The banking services must be provided by accredited banks that comply with specific regulations outlined in the Public Health Service Act.
• Effective Date: The changes would apply to taxable years beginning after December 31, 2024, meaning they would affect tax filings starting in 2025.

The intent behind this bill is to make it easier for families to potentially use funds or tax deductions related to the storage of umbilical cord blood and tissue, which can hold stem cells with potential medical benefits for the child or family in the future.

Relevant Companies

• CRIS (Curis, Inc.): A biotechnology company that may be engaged in research related to stem cell therapies.
• FATE (Fate Therapeutics, Inc.): This company focuses on cell-based immunotherapies, which may intersect with the use of cord blood stem cells.
• ATHX (Athersys, Inc.): A company working on regenerative medicine, which could be linked to the applications of stem cells derived from cord blood.