A bill to amend the Internal Revenue Code of 1954 to allow an itemized deduction for motor vehicle insurance premiums.

Provides, under the Internal Revenue Code, that in the case of an individual there shall be allowed as a deduction any amount, up to $150, paid during the taxable year as premiums on a motor vehicle insurance policy which insures a motor vehicle owned by the taxpayer. (Adds 26 U.S.C. 218)