H.R.2438

Foster Care Tax Credit Act creates a tax credit for foster families and mandates reporting requirements for foster child placements.

The Foster Care Tax Credit Act amends the Internal Revenue Code to establish a refundable tax credit for foster families. The credit is available to eligible taxpayers who have a qualifying foster child placed with them for at least one month during the taxable year. The credit amount is $850, subject to a reduction based on the taxpayer's modified adjusted gross income. The bill also requires authorized placement agencies and courts to report information about each qualifying foster child placed with a person during a calendar year.