H.R.2810 - Family Cord Blood Banking Act (119th Congress)
Summary
H.R.2810, the Family Cord Blood Banking Act, seeks to amend the Internal Revenue Code of 1986 to classify amounts paid for private umbilical cord blood and tissue banking as medical care expenses. This would allow individuals to deduct these expenses from their taxes. The bill was introduced in the House of Representatives on April 10, 2025, and referred to the Committee on Ways and Means.
Expected Effects
If enacted, this bill would effectively subsidize private cord blood banking through the tax system. This could incentivize more families to utilize these services. The change would apply to taxable years beginning after December 31, 2024.
Potential Benefits
- Potential tax savings for families who choose to bank their child's cord blood.
- Increased accessibility to cord blood banking for families who may have been deterred by the cost.
- Possible growth in the cord blood banking industry.
- Could encourage more research and development in cord blood therapies.
- May provide peace of mind for families concerned about future medical needs.
Potential Disadvantages
- Potential loss of tax revenue for the government.
- May disproportionately benefit higher-income families who are more likely to afford cord blood banking.
- Could create a tax loophole that is difficult to administer and enforce.
- May divert resources from public cord blood banks, which provide a more equitable service to the community.
- The medical benefits of private cord blood banking are still debated, so the tax deduction may not be justified.
Most Disadvantaged Areas:
Constitutional Alignment
The bill appears to fall under the general authority of Congress to levy taxes and provide for the general welfare. Article I, Section 8 of the Constitution grants Congress the power to lay and collect taxes, duties, imposts, and excises. The bill does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).