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Cord Blood Registry Supports Family Cord Blood Banking Act
Date:3/26/2009

Allows Use of Tax-Advantaged Dollars to Pay for Umbilical Cord Blood Banking

SAN BRUNO, Calif., March 26 /PRNewswire/ -- Cord Blood Registry (CBR), the global leader in the collection and preservation of newborn stem cells from umbilical cord blood, announced its support of legislation introduced yesterday by U.S. Representatives Ron Kind (D-WI), Wally Herger (R-CA), Artur Davis (D-AL), Bill Pascrell Jr. (D-NJ) and Mike Thompson (D-CA) entitled the "Family Cord Blood Banking Act." This important legislation will amend the IRS Code to allow individuals and couples to use tax advantaged dollars to pay for umbilical cord blood banking services through flexible spending accounts (FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs) or the medical expenses tax deduction.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090326/SF89756LOGO)

Speaking about the bill's introduction, Rep. Ron Kind, the legislation's chief sponsor and a Member of the House Ways and Means Subcommittee on Health, said, "This legislation supports families that choose this potentially life-saving investment by providing tax incentives for these medical expenses."

Cord blood stem cells have been used in more than 14,000 transplants worldwide during the last 20 years to treat more than 70 diseases in both adults and children and are now showing great promise for regenerative medicine applications, including treatment for type 1 diabetes, brain injury, cerebral palsy and hearing loss. For many families, cord blood banking is the best option for treating and curing disease; however, the cost of family umbilical cord blood banking ($2,000 the first year; $125 per year thereafter) can present a challenge for families on fixed incomes.

Current tax laws
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SOURCE Cord Blood Registry
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