Foster Care Tax Credit Act This bill allows eligible taxpayers an income-based tax credit equal to $850 in a taxable year for the care of a qualifying foster child. An eligible taxpayer is a taxpayer with whom a foster child was placed for not less than one month in the taxable year and for whom a child tax credit is not allowed for such taxable year. A qualifying foster child is a foster child who is under age 17 and is a citizen, national, or resident of the United States. The bill requires certain information reporting for foster child placements and a study and report on emergency and short-term foster placements.