On Friday, Dec. 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extended the adoption tax credit until Dec 31, 2012. However, the refundability of the credit ends as of Dec. 31, 2011, returning to the old tax credit format (with an inflation adjustment).
The adoption tax credit will be refundable in 2011, but not for 2012. The refundability was created earlier this year by the Patient Protection and Affordable Care Act and is in effect until Dec. 31, 2011.
The Joint Tax Committee says that for 2012, the maximum benefit will be $12,170 (indexed for inflation after 2010).