Creates the foster student scholarship program to provide children and youth in foster care with the option to attend the public or private school of their caregiver's choice.

Requires the department of children, youth, and families to: (1) Administer the program; and

(2) Submit a program report to the legislature.

Requires the office of the superintendent of public instruction and the state board of education to cooperate with the department to provide any data needed for the report.

Creates the foster student scholarship account.

Provides a business and occupation tax credit for contributions made by a person to the foster student scholarship account.