Bill Text: NJ AR79 | 2014-2015 | Regular Session | Introduced
Bill Title: Urges Congress to pass "Family Cord Blood Banking Act."
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2014-06-16 - Filed with Secretary of State [AR79 Detail]
Download: New_Jersey-2014-AR79-Introduced.html
Sponsored by:
Assemblyman DANIEL R. BENSON
District 14 (Mercer and Middlesex)
SYNOPSIS
Urges Congress to pass "Family Cord Blood Banking Act."
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution urging Congress to pass the "Family Cord Blood Banking Act."
Whereas, The "Family Cord Blood Banking Act" is a bill that has been introduced in Congress to make cord blood banking more affordable for American families; and
Whereas, Cord blood is the blood that remains in the umbilical cord and placenta following birth; and
Whereas, Cord blood banking utilizes external facilities as a place to process, store, and preserve an infant's cord blood; and
Whereas, The cord blood of an infant is an abundant source of stem cells which are genetically related to the infant and the infant's family; and
Whereas, Expectant families may arrange to place their infant's cord blood in a cord blood bank because the stem cells from the infant's cord blood may be effective in treating certain diseases or conditions of a parent or sibling; and
Whereas, The average cost of cord blood banking is not affordable for many families as the cost for collection and processing can rise in excess of $2,000, including annual storage costs that may reach $150; and
Whereas, The "Family Cord Blood Banking Act" is a bipartisan bill that will allow families to use tax-free dollars to pay for cord blood banking through flexible spending accounts, health savings accounts, health reimbursement arrangements, or the medical expenses tax deduction; and
Whereas, Congress must work together to pass the "Family Cord Blood Banking Act" to make cord blood banking more accessible to and affordable for American families; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House respectfully urges the United States Congress to pass the "Family Cord Blood Banking Act."
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly or the Secretary of the Senate to the Speaker and Minority Leader of the United States House of Representatives, the Majority and Minority Leaders of the United States Senate, and each member of the United States Congress elected from this State.
STATEMENT
This resolution urges Congress to pass the "Family Cord Blood Banking Act." The "Family Cord Blood Banking Act" is a bill that has been introduced in Congress to make cord blood banking more affordable for American families by making cord blood banking services a qualified medical expense for federal income tax purposes.
Cord blood is the blood that remains in the umbilical cord and placenta following birth. Cord blood banking utilizes external facilities as a place to process, store, and preserve an infant's cord blood. The cord blood of an infant is an abundant source of stem cells which are genetically related to the infant and the infant's family.
Expectant families may arrange to place their infant's cord blood in a cord blood bank because the stem cells from the infant's cord blood may be effective in treating certain diseases or conditions of a parent or sibling.
The average cost of cord blood banking is not affordable for many families as the cost for collection and processing can rise in excess of $2,000, including annual storage costs that may reach $150.
The "Family Cord Blood Banking Act" is a bipartisan bill that will allow families to use tax-free dollars to pay for cord blood banking through flexible spending accounts, health savings accounts, health reimbursement arrangements, or the medical expenses tax deduction. Congress must work together to pass the "Family Cord Blood Banking Act" to make cord blood banking more accessible to and affordable for American families.
