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.

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.)