Family Cord Blood Banking Act

This bill would allow families to deduct the cost of private umbilical cord blood or tissue banking as a medical expense on their federal income taxes. It directly affects families who pay for these services through accredited banks meeting specific health regulations. The key change amends tax law to add private cord blood/tissue banking services to the list of deductible medical care expenses, effective for tax years starting in 2024. This makes the cost of storing a newborn's cord blood or tissue for potential future family use tax-deductible, similar to other medical services.