Small Employer Tax Relief Act of 2001

Small Employer Tax Relief Act of 2001 - Amends Internal Revenue Code small business provisions to: (1) permit a 100 percent deduction for the health insurance costs of the self-employed; (2) repeal the Federal unemployment surtax; (3) increase the dollar expensing limitation; (4) increase the deduction for business meals; (5) permit use of the cash method of accounting; (6) repeal the alternative minimum tax on individuals; (7) make the research credit permanent; (8) provide credits for long-term training of employees in highly skilled small business trades, for dry or wet cleaning equipment using nonhazardous primary process solvents, and for recycling or remanufacturing equipment; (9) specify that computer software is eligible for expensing; (10) provide a two-year recovery period for computers, software, and peripheral equipment; (11) eliminate the income-based limitation on the use the preceding year's tax respecting estimated tax payments; (12) exclude from partnership filing requirements married couple-business owners; (13) increase the self-employment tax threshold amount; (14) repeal the recognition of gain rule for home offices that are part of a principal residence sale; (15) revise certain taxpayer protections; and (16) repeal failure-to-pay and interest penalty provisions.