Economic Revitalization Tax Act of 2001

Economic Revitalization Tax Act of 2001 - Amends Internal Revenue Code provisions concerning investment of earnings in U.S. property to set forth a separate rule governing any foreign corporation which is a controlled foreign corporation and is created or organized under the laws of, or engaged in the active conduct of a trade or business within, the Commonwealth of Puerto Rico or a possession of the United States.

Provides that in the case of certain dividends received by a domestic corporation from such a corporation, there shall be allowed as a deduction an amount equal to 85 percent of such dividend.

Establishes a safe harbor rule for certain transfers or licenses of intangible property to such a corporation.