Rebuild America: Financing Infrastructure Renewal and Security for Transportation Act of 2001

Rebuild America: Financing Infrastructure Renewal and Security for Transportation Act of 2001 - Amends the Internal Revenue Code to allow a limited tax credit to holders of qualified Amtrak bonds. Requires Secretary of Transportation approval of qualified Amtrak projects funded by such bonds.

Amends Federal rail transportation law to authorize appropriations to the Secretary for Amtrak capital expenditures, including specified tunnel life safety projects, bridges, tracks, and other improvements, and equipment, including acquisition of trainsets and rolling stock.

Directs the Secretary to establish a program of capital grants to class II and class III railroads (or with the concurrence of such railroads, to a State or local government) to rehabilitate, preserve, or improve certain railroad track.

Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to set forth additional requirements with respect to cohorts of direct loans and loan guarantees for certain railroad rehabilitation and improvement projects.

Amends the Federal Water Pollution Control Act to remove certain requirements for States with respect to construction of treatment works under capitalization grant agreements.

Directs the Administrator of the Environmental Protection Agency to assist States in establishing simplified procedures for small water systems to obtain assistance under this Act.

Requires revolving funds to be used only for providing assistance for activities which have as a principal benefit the improvement or protection of water quality.

Provides for an extended repayment period and additional subsidization with respect to loans from revolving funds to financially distressed communities.

Amends the Transportation Equity Act for the 21st Century to increase the Federal-Aid Highway program obligation ceiling for FY 2002.

Authorizes additional appropriations from the Mass Transit Account and the Highway Trust Fund for FY 2002 for certain formula grants for mass transportation projects, including projects for special needs of elderly individuals and individuals with disabilities and non-urbanized areas.

Amends the Internal Revenue Code to raise the $100 transportation fringe benefit limitation (applicable to commuter highway vehicles and transit passes) to $175.

Amends Federal aviation law to increase appropriations from the Airport and Airway Trust Fund for FY 2002 for airport planning and airport development, including airport noise compatibility planning and programs.

Authorizes additional appropriations for FY 2002 and 2003 for guaranteed loans for ferries using a streamlined process. Authorizes the Secretary to make grants to U.S. port or maritime cargo terminal operators to acquire the best available technology, equipment, or infrastructure.

Amends the Public Works and Economic Development Act of 1965, the Appalachian Regional Development Act of 1965, and the Consolidated Farm and Rural Development Act to authorize additional FY 2002 appropriations, respectively, for public works and economic development, Appalachian regional development, and Delta, Mississippi regional development.

Authorizes additional FY 2002 appropriations to: (1) carry out construction, operation, and maintenance activities (including security measures) for Corps of Engineers projects; and (2) enhance the security of General Services Administration properties.

Amends the John F. Kennedy Center Act to authorize additional appropriations for FY 2002 to enhance the security of: (1) the John F. Kennedy Center for the Performing Arts; and (2) the Smithsonian Institution.