A bill to amend the Internal Revenue Code of 1986 to provide for establishment of a credit for the cost of long-term health care insurance, and for other purposes.

Amends the Internal Revenue Code to permit a taxpayer a nonrefundable 15 percent income tax credit for long-term health insurance costs paid for the benefit of the taxpayer, spouse, or a parent of either. Limits the annual amount of the credit to $300 ($600 if the insurance covers two or more individuals). Phases out the credit percentage.

Permits a taxpayer to include as tax-deductible medical expenses any amounts incurred for the long-term health care of a nondependent parent of either the taxpayer or spouse.