A bill to amend the Internal Revenue Code of 1954 to provide a tax credit of $250 to an individual for expenditures for health insurance premiums.

Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to one-half the amount of health insurance premiums paid by taxpayer during the taxable year for the taxpayer's medical care or for the medical care of a spouse or dependent. Limits the dollar amount of such credit to $250 for the taxable year.

Eliminates the special income tax deduction for health insurance premiums (one-half of premiums paid not in excess of $150), but allows the deduction of such premiums along with other medical and dental expenses to the extent that they exceed three percent of the taxpayer's adjusted gross income. Reduces the amount of medical expenses allowable as a deduction by the amount allowable to the taxpayer as a credit for health insurance premium payments.

Requires the Secretary of the Tresury to conduct a study of the health insurance premium credit every third year after the enactment of this Act and to report the findings to Congress.