Foster Care Tax Credit Act

Bill 119 HR 2438, also known as the Foster Family Tax Credit Act, aims to amend the Internal Revenue Code of 1986 to provide a refundable tax credit for foster families. The bill seeks to support and incentivize individuals and families who open their homes to foster children by providing financial assistance through a tax credit.

The tax credit would be refundable, meaning that even if a foster family does not owe any federal income tax, they would still receive the full amount of the credit as a refund. This would help alleviate some of the financial burden that comes with caring for foster children and encourage more families to consider becoming foster parents.

In addition to the tax credit for foster families, the bill also includes provisions for other purposes related to foster care. These may include additional support services, resources, or incentives to further assist foster families in providing a safe and nurturing environment for the children in their care. Overall, the Foster Family Tax Credit Act aims to recognize and support the important role that foster families play in providing stability and care for children in need. By providing financial assistance through a refundable tax credit, the bill seeks to encourage more individuals and families to consider becoming foster parents and help improve outcomes for children in the foster care system.