Transitional Federal Medical Assistance Percentage Act - Amends the American Recovery and Reinvestment Act of 2009 to extend the increase in the federal medical assistance percentage (FMAP) under title XIX (Medicaid) of the Social Security Act. Extends the entire recession adjustment period from December 31, 2010, through June 30, 2011.
Provides for adjusted FMAP percentage rates during a transitional assistance period from July 1, 2011, through December 31, 2013.
Prescribes formulae for determining the adjusted FMAP through FY2012 and subsequent fiscal year quarters.