109th CONGRESS
2d Session

H. R. 6268

To amend the Internal Revenue Code of 1986 to allow a credit against tax for expenses related to the collection and storage of umbilical cord blood.

IN THE HOUSE OF REPRESENTATIVES

September 29, 2006

Mr. FITZPATRICK of Pennsylvania (for himself and Mr. TAYLOR of Mississippi) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to allow a credit against tax for expenses related to the collection and storage of umbilical cord blood.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. CREDIT FOR COLLECTION AND STORAGE OF UMBILICAL CORD BLOOD.

    (a) In General- Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to nonrefundable personal credits) is amended by inserting after section 25D the following new credit:

`SEC. 25E. CREDIT FOR COLLECTION AND STORAGE OF UMBILICAL CORD BLOOD.

    `(a) Allowance of Credit- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this chapter an amount equal to 50 percent of the qualified umbilical cord blood collection and storage expenses paid or incurred by the taxpayer during the taxable year.

    `(b) Limitation- The credit allowed under subsection (a) for any taxable year shall not exceed $2,000.

    `(c) Qualified Umbilical Cord Blood Collection and Storage Expenses- For purposes of this section--

      `(1) IN GENERAL- The term `qualified umbilical cord blood collection and storage expenses' means expenses directly related to the collection, storage, and maintenance of umbilical cord blood that is collected on the occasion of the birth of a child of the taxpayer.

      `(2) UMBILICAL CORD BLOOD- The term `umbilical cord blood' means--

        `(A) the neonatal blood remaining in the placenta and umbilical cord after separation of the mother from the newborn baby, or

        `(B) any other part of the umbilical cord.

    `(d) Eligible Individual- For purposes of this section, the term `eligible individual' means the mother of the child referred to in subsection (c)(1). In the case of a joint return, the taxpayer shall be treated as an eligible individual if either spouse is an eligible individual.'.

    (b) Clerical Amendment- The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item:

      `Sec. 25E. Credit for collection and storage of umbilical cord blood.'.

    (c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

END