A bill to amend section 214 of the Internal Revenue Code of 1954 to provide a deduction for dependent care expenses for married taxpayers who are employed part time, or who are students.

Provides a tax deduction under the Internal Revenue Code for dependent care expenses for married taxpayers who are employed part time, or who are students up to an amount not to exceed: (1) $2,400 in the case of one qualifying dependent; (2) $3,600 in the case of two qualifying dependents; and (3) $4,800 in the case of three or more qualifying dependents.

Provides that the deductions authorized by this Act shall be allowed to taxpayers electing to take the standard deductions, but not to married individuals living apart for more than one-half year.