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.

Allows a tax deduction under the Internal Revenue Code for all medical expenses (including medicine and drugs) paid during the taxable year, and not compensated for by insurance or otherwise, for the care of any dependent who is the mother or father of the taxpayer or of his spouse, and has attained the age of 65 before the close of the taxable year.

Allows a tax deduction for all medical expenses (including medicine and drugs) of the taxpayer and his spouse, if either has attained the age of 65 before the close of the taxable year.

States that the amendments made by this Act shall apply with respect to taxable years beginning after December 31, 1973.