The adoption tax credit is adjusted each year based upon the cost of living allowance. The adjusted numbers have been published by the IRS in Revenue Procedure 2011-52. The maximum credit for 2012 will be $12,650. The full credit will be available to taxpayers with modified adjusted gross income of $189,710 or less and the amount of the available credit phases out to zero as modified adjusted gross income approaches $229,710. It will not be a refundable tax credit in 2012.