A bill to amend the Internal Revenue Code of 1954 to restore the provisions permitting the deduction, without regard to the 3 percent and 1 percent floors, of medical expenses incurred for the care of individuals 65 years of age and over.

Provides an income tax deduction under the Internal Revenue Code for the following amounts, not compensated for by insurance or otherwise, for persons under 65: (1) the medical expenses for a parent over 65; and (2) the amount by which other medical expenses exceed 3 percent of the adjusted gross income.

Provides that if either taxpayer or spouse is over 65 they may deduct: (1) medical expenses paid for the taxpayer, spouse or parent over 65; (2) the amount by which other medical expenses exceed 3 percent of the adjusted gross income; and (3) up to $150 or half of the medical insurance costs for the taxpayer, his spouse, and dependents.

Directs that the deduction limitation for medicine and drugs shall not apply to amounts paid for the taxpayer and his spouse, if either is over 65, or for amounts paid for the parents over 65. (Amends 26 U.S.C. 213(A))