text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Cures Can Be Found Act of 2005''.
  
  SEC. 2. QUALIFIED STEM CELL CREDITS.
  
      (a) Personal Credit for Qualified Stem Cell Research, Storage, and 
  Donation.--Subpart A of part IV of subchapter A of chapter 1 of the 
  Internal Revenue Code of 1986 (relating to nonrefundable personal 
  credits) is amended by inserting after section 25B the following new 
  section:
  
  ``SEC. 25C. QUALIFIED STEM CELL RESEARCH, STORAGE, AND DONATION CREDIT.
  
      ``(a) Allowance of Credit.--There shall be allowed as a credit 
  against the tax imposed by this chapter--
              ``(1) an amount equal to the qualified stem cell research 
          and storage contribution paid by the taxpayer during a taxable 
          year, and
              ``(2) $2,000 for each qualified umbilical cord blood 
          donation made by the taxpayer during a taxable year.
      ``(b) Qualified Stem Cell Research and Storage Contribution.--For 
  purposes of this section--
              ``(1) In general.--The term `qualified stem cell research 
          and storage contribution' means the amounts donated by the 
          taxpayer to an eligible facility for the purpose of promoting 
          qualified stem cell research or the storage of qualified stem 
          cells.
              ``(2) Qualified stem cell.--For purposes of this section, 
          the term `qualified stem cell' means a human stem cell obtained 
          from a human placenta, umbilical cord blood, an organ or tissue 
          of a living or deceased human being who has been born, or an 
          organ or tissue of unborn human offspring who died of natural 
          causes (such as spontaneous abortion).
              ``(3) Eligible facility.--The term `eligible facility' 
          means a research institution or storage facility that does not 
          engage in research relating to stem cells derived from human 
          embryos and does not store stem cells derived from human 
          embryos.
      ``(c) Qualified Umbilical Cord Blood Donation.--For purposes of 
  this section, the term `qualified umbilical cord blood donation' means 
  the donation by the taxpayer, on the occasion of the birth of a child 
  of the taxpayer, of--
              ``(1) the neonatal blood remaining in the placenta and 
          umbilical cord after separation of the mother from the newborn 
          baby, or
              ``(2) any other part of the umbilical cord.
      ``(d) Filing Requirements.--
              ``(1) Married individuals.--If the taxpayer is married at 
          the close of the taxable year, the credit shall be allowed 
          under subsection (a)(2) only if--
                      ``(A) the taxpayer and his spouse file a joint 
                  return for the taxable year, or
                      ``(B) the taxpayer is the mother of the child 
                  referred to in subsection (c).
              ``(2) Individuals who are not married.--If the taxpayer is 
          not married at the close of the taxable year, the credit shall 
          be allowed under subsection (a) only if the taxpayer is the 
          mother of the child referred to in subsection (c).
              ``(3) Marital status.--An individual legally separated from 
          his spouse under a decree of divorce or of separate maintenance 
          shall not be considered as married.''.
      (b) Business Related Credit for Qualified Research and Storage.--
  Subpart D of part IV of subchapter 1 of such Code is amended by 
  inserting after section 45I the following new section:
  
  ``SEC. 45J. QUALIFIED STEM CELL RESEARCH AND STORAGE CREDITS.
  
      ``(a) General Rule.--For purposes of section 38--
              ``(1) Qualified stem cell research credit.--The qualified 
          stem cell research credit determined under this paragraph for 
          any taxable year is equal to 100 percent of the expenses paid 
          or incurred by the taxpayer during the taxable year that are 
          directly related to qualified stem cell research.
              ``(2) Qualified stem cell storage credit.--The qualified 
          stem cell storage credit determined under this paragraph for 
          any taxable year is equal to--
                      ``(A) 50 percent of the expenses paid or incurred 
                  by the taxpayer during the taxable year to establish a 
                  storage facility for qualified stem cells, and
                      ``(B) 20 percent of the expenses paid or incurred 
                  by the taxpayer during the taxable year to maintain the 
                  storage facility described in subparagraph (A).
      ``(b) Limitation.--With respect to a qualified stem cell storage 
  facility for which an amount determined under subparagraph (A) of 
  subsection (a)(2) has been allowed as a credit in a taxable year, the 
  amount determined under such subparagraph with respect to such storage 
  facility in a subsequent taxable year shall be zero.
      ``(c) Qualified Stem Cell.--For purposes of this section, the term 
  `qualified stem cell' means a human stem cell obtained from a human 
  placenta, umbilical cord blood, an organ or tissue of a living or 
  deceased human being who has been born, or an organ or tissue of unborn 
  human offspring who died of natural causes (such as spontaneous 
  abortion).''.
      (c) Conforming Amendments.--
              (1) Section 38(b) is amended by striking ``plus'' at the 
          end of paragraph (18), by striking the period at the end of 
          paragraph (19) and inserting ``, plus'', and by adding at the 
          end the following:
              ``(20) the qualified stem cell research and storage credits 
          determined under section 45J(a).''.
              (2) The table of sections for subpart A of part IV of 
          subchapter A of chapter 1 of such Code is amended by inserting 
          after the item relating to section 25B the following new item:
  
  ``Sec. 25C. Qualified stem cell research, storage, and donation 
                              credit.''.
              (3) The table of sections for subpart D of part IV of 
          subchapter A of chapter 1 of such Code is amended by inserting 
          after the item relating to section 25B the following new item:
  
  ``Sec. 45J. Qualified stem cell research and storage credits.''.
      (d) Effective Date.--The amendments made by this section shall 
  apply to taxable years beginning after December 31, 2005.
target: Cures Can Be Found Act of 2005 - Amends the Internal Revenue Code to allow tax credits for donations: (1) to stem cell research or storage facilities; (2) of umbilical cord blood. Allows credits only for donations to facilities that do not engage in research on stem cells derived from human embryos.
  
  Allows a business tax credit for stem cell research and storage expenses.
feat_title: To 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.