If enacted, HB 1170 could have significant implications for patients who require blood storage. By formally recognizing these expenses under medical care, individuals could potentially deduct such costs from their taxable income. This change could lead to increased access to blood storage services as patients would be more inclined to invest in these services knowing they may receive tax benefits. Additionally, it may encourage further advancements in medical practices related to blood management and storage.
Summary
House Bill 1170, titled the 'Access to Future Cures Act', aims to amend the Internal Revenue Code to clarify that expenses associated with the storage of blood and biomaterials derived from blood qualify as medical care expenses. This amendment is intended to expand the definition of medical expenses and provide individuals with better financial options related to blood storage, which might be particularly beneficial for patients with certain medical conditions requiring regular blood products or those considering future medical procedures that necessitate blood storage.
Contention
While the bill is largely focused on increasing medical expense deductions, there could be points of contention among lawmakers regarding the fiscal implications of allowing such deductions. Some legislators may argue that the expanded definition could lead to increased costs for the government if more individuals begin claiming these deductions. Moreover, as discussions around healthcare costs remain a pressing issue, the bill's implementation and its effects on insurance or healthcare affordability could spark debate among stakeholders. The balance between facilitating access to necessary medical care and managing public spending will likely be a pivotal discussion point.