Extends gross income tax medical expense deduction to certain cord blood banking services.

This bill adds cord blood banking services to New Jersey's medical expense tax deduction. It allows taxpayers to deduct costs for collecting and storing umbilical cord blood from their biological children or a dependent's biological children, provided the service is performed by a licensed provider meeting health department standards. The deduction applies to both preventative storage and immediate medical use of the stored blood. This expands the existing medical expense deduction to include these specific services under New Jersey's tax code.