Fairness for Foster Care Families Act of 2001

Fairness for Foster Care Families Act of 2001 - Amends the Internal Revenue Code to provide that the exclusion of State or local government foster care payments from the gross income of foster care providers shall also apply to payments by any qualifying placement agency (thus including an agency other than a State or local government agency or a tax-exempt placement agency).

Expands the definition of a qualified foster individual to include a foster care individual placed by any qualified placement agency (thus eliminating the restriction of State or local government agency or a tax-exempt agency placement applicable to individuals under the age of 19).

Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to accelerate, by one year, the effective date for the expansion of the adoption tax credit and the adoption assistance programs.