All American Cruise Act of 2001

All American Cruise Act of 2001 - Amends the Internal Revenue Code to: (1) permit contractors building certain cruise ships to use the completed contract method of accounting; (2) exclude from a corporation's gross income amounts derived from the operation of a U.S. built and documented cruise ship; (3) allow a cruise ship construction credit; (4) classify a cruise ship as seven-year property under the accelerated cost recovery system; (5) revise deduction requirements for certain cruise ship business expenses; and (6) allow a credit for the use of clean-burning engines on U.S. cruise ships.

Amends the Merchant Marine Act, 1936 to add passenger vessels in the oceangoing domestic trade to the list of vessels for which a capital construction fund may be established.

Amends the Internal Revenue Code respecting tax incentives relating to merchant marine capital construction funds, including: (1) qualified withdrawals for payments that reduce the principal of a qualified lease of a qualified vessel; (2) prior year deposits based on audit adjustments; (3) capital gains and losses; and (4) interest computation on nonqualified withdrawals.