To amend the Internal Revenue Code of 1986 to allow a credit against tax for expenses related to the collection and storage of umbilical cord blood.

Amends the Internal Revenue Code to allow a tax credit for 50% of qualified umbilical cord blood collection and storage expenses, up to $2,000 in a taxable year. Defines "qualified umbilical cord blood collection and storage expenses" as expenses directly related to the collection, storage, and maintenance of umbilical cord blood collected at the birth of a child.