High Productivity Investment Act of 2001

High Productivity Investment Act of 2001 - Amends the Internal Revenue Code to establish two new depreciation provisions: (1) the rapid cost recovery system under which the cost of specified property may be depreciated more quickly than under current depreciation methods; and (2) the high productivity investment deduction under which the cost of specified property may be expensed.

Modifies the alternative minimum tax.

Directs the Secretary of the Treasury to establish a table showing classes of property and the modified class life of each class of property. Provides a schedule on which the Secretary's initial table shall be based.