/PRNewswire-FirstCall/ -- Cord Blood America, Inc. (OTC:CBAI) (BULLETIN BOARD: CBAI) , the umbilical cord blood stem cell preservation company (http://www.cordblood-america.com/) focused on bringing the life saving potential of stem cells to families nationwide and internationally, said today it strongly supports the Family Cord Blood Banking Act introduced in the U.S. House of Representatives.
The legislation will provide tax incentives for the medical expenses for those families choosing this potentially life-saving investment. It amends the Internal Revenue Code to add cord blood banking services as a qualified medical expense. "This would allow individuals and couples to pay for umbilical cord blood banking services through health savings accounts, flexible spending accounts, medical expenses tax deduction and health reimbursement arrangements," said Matthew Schissler, CEO and Founder, Cord Blood America.
The legislation was introduced by Representatives Wally Herger (R-CA.), Rep. Ron Kind (D-WI), Mike Thompson (D-CA), Artur Davis (D-AL), and Bill Pascrell Jr. (D-NJ). The Congressmen in a press statement said "umbilical cord blood stem cells have been used in more than 14,000 transplants around the world and to treat more than 70 diseases in adults and children. The legislation could make this storage an option for more families facing potentially life-threatening diseases, increase the supply of cord blood stem cells and lower the costs for families in the future."
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