Access to Future Cures Act
Source: Congress.gov ·
259 words in original text
What This Bill Does
This bill changes tax law to say that costs for storing blood or materials made from blood count as medical care expenses. People would be able to use these storage costs as medical deductions on their taxes (money subtracted from income before calculating taxes owed).
Who It Affects
Taxpayers who pay for blood or blood-derived material storage and want to claim those costs as medical expenses on their tax returns.
Key Provisions
• Expenses for storing blood or biomaterial derived from blood now qualify as medical care expenses under tax law (Sec. 2(a))
• The change applies to expenses paid or incurred after the bill becomes law (Sec. 2(b))
What Changes
The Internal Revenue Code (the federal tax law) will now specifically include blood storage and blood-derived material storage as qualifying medical care expenses that people can deduct from their taxes.
Important Definitions
Biomaterial derived from blood: Material that comes from blood. The bill does not provide further detail on what this includes.
Effective Date
The change applies to expenses paid or incurred after the date the bill becomes law. The specific date is not specified in bill text.
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.