Small Business Expensing Improvement Act of 2001

Small Business Expensing Improvement Act of 2001 - Amends the Internal Revenue Code with respect to the expensing of depreciable business assets (section 179) to: (1) increase maximum annual amounts and the phase-out threshold (eliminating the current phase-in of annual increases); and (2) make certain computer software and property used for lodging eligible for expensing.