H.R. 8882 proposes an amendment to the Internal Revenue Code of 1986 to classify payments made for the storage of private umbilical cord blood or tissue as medical care expenses. This means that such payments could qualify for tax deductions when filed as medical expenses if...
Simple Explanation
H.R. 8882 is a plan to let people save money on their taxes if they pay for special banks to store something called umbilical cord blood and tissue, which are tiny bits from babies that can help with health in the future. To do this, the special banks must meet certain rules to be safe and good at what they do.