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right now its a little over 11k. and yep it basically wipes your tax obligation away until that 11k is used up and it will carry over each year if its not used up. you can use it for any type of adoption, international, foster, or domestic and its good for each and every kiddo. PLUS you get the normal child tax credit =)
In the case of the tax credit, it is a bit more complicated than that. If you are adopting internationally, you have to wait until you are finalized before you can apply, that may be a year past when you bring your child home. Also, there is rumor that the tax credit will expire in 2011. Also, it does decrease as your income increases.
Thats true, you cant claim the tax credit until you have finalized. i had heard the tax credit might not be renewed but fingers crossed that it will be. I dont think the adoption credit decreases until your income is over 100k but i could be wrong.