Tourism Revitalization And Valued Employee Labor Act of 2001

Tourism Revitalization and Valued Employee Labor Act of 2001 - Amends the Internal Revenue Code to establish a (temporary) personal travel credit ($500 single, $1,000 joint) for qualified personal travel expenses on a qualifying personal trip. Exempts dependent expenses from such credit.

Extends the work opportunity credit.

Provides a temporary: (1) deduction increase for business meals and entertainment; and (2) net operating loss carry back for travel and tourism industry losses.

Authorizes: (1) the Secretary of Commerce to award grants and make direct expenditures for a public-private partnership to stimulate travel to and within the United States; and (2) the Administrator of the Small Business Administration to make loans to travel or tourism small business entities that suffered substantial economic injury from the September 11, 2001, terrorist attacks.

Provides COBRA continuation coverage and other specified health insurance coverage and unemployment compensation for certain separated or separation-threatened travel or tourism industry employees.

Amends the Workforce Investment Act of 1998 to provide employment and training assistance for travel or tourism workers dislocated by such attacks.