A bill to amend the Internal Revenue Code of 1986 with respect to the limitation on the standard deduction in the case of certain dependents.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to revise the permitted amount of the standard deduction for a taxpayer's dependent who: (1) is either under age 19 or a student; and (2) has income and files a separate return. Makes the standard deduction equal to the individual's earned income plus $500, up to the regular standard deduction amount for individuals. (Under current law, this limitation is equal to the greater of $500 or the dependent's actual earned income.)…