Extends gross income tax medical expense deduction to certain cord blood banking services.

This bill extends New Jersey's gross income tax medical expense deduction to cover costs for collecting and storing umbilical cord blood from a taxpayer's biological child or dependent's biological child. It specifically applies to services provided by licensed providers meeting Department of Health standards (N.J.A.C.8:8-13.10), making these costs deductible like other medical expenses. The deduction applies whether the banking is for preventative health purposes or immediate use, but excludes services for treating existing medical conditions. This change directly affects New Jersey taxpayers who use qualified cord blood banking services.