A bill to amend the Internal Revenue Code of 1954 to allow individuals to elect a nonrefundable credit for health insurance premiums paid under an individual policy in lieu of the deduction for such premiums.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow taxpayers to elect a nonrefundable income tax credit for 15 percent of the non-group health insurance premiums paid under an individual policy, in lieu of the income tax deduction for such premiums. Defines "non-group health insurance premiums" as any amount paid for insurance for the medical care of the taxpayer or his dependents which is not provided pursuant to an employment relationship or under a plan established by Federal law.…