Rep. Ron Paul [R-TX] introduced the Cures Can Be Found Act of 2009 again on March 19, 2009 to the House where it was referred to the House Committee on Ways and Means. If passed, the bill will amend the Internal Revenue Code of 1986 to provide credits against income tax for qualified stem cell research, the storage of qualified stem cells, and the donation of umbilical cord blood.
The amendments made by the bill will apply to taxable years beginning after December 31, 2008 and one provision offers a $2,000 tax credit for each qualified umbilical cord blood donation made. This is great news for the umbilical cord blood banking industry along with the entire stem cell sector as whole.
The latest revision to the Cures Can Be Found Act of 2009 was made on March 24, 2009 to allow credits only for donations to facilities that do not engage in research on stem cells derived from human embryos. This is yet another setback to embryonic stem cell research and will put many research facilities at a disadvantage if passed. This edit was obviously made to appease certain members of Congress in hopes of getting the bill passed.
Famous for starting the Ron Paul Revolution while running for President in 2007, Congressman Ron Paul has authored several pieces of legislation to address health care costs and make affordable health care available to more working families. The bills include increasing the amount and number of tax credits for the health insurance costs of taxpayers and their dependents as well waiving the employee portion of Social Security taxes for individuals who have been diagnosed with cancer or a terminal illness.