American Breakthrough Research Act of 2001

American Breakthrough Research Act of 2001 - Amends the Internal Revenue Code to allow a qualified research corporation to elect a refundable credit in the amount of the sum of the discounted research credits and discounted research net operating loss (NOL) in lieu of taking its research credits and research NOLs. (Defines terms for purposes of such credit.)

Prohibits an electing corporation from using nonrelinquished research or NOL tax credits until such corporation has paid back the original amount of the refundable credit in Federal income taxes.

Provides for credit recapture in the event of failure to increase research activity.