Smart Metering Promotion Act of 2001

Smart Metering Promotion Act of 2001 - Amends the Internal Revenue Code to allow tax credits, determined according to specified formulae, for qualified energy management devices and retrofitted qualified meters interconnected by the taxpayer with other devices in a manner that permits reading of energy price and usage signals on at least an hourly basis.

Defines a qualified energy management device as equipment, systems, software, and related devices which allow electric energy or natural gas consumers, suppliers, and service providers to manage the purchase, sale, and use of electricity or natural gas in response to energy price and usage signals, in order to improve the efficiency of energy and energy facility utilization.

Defines qualified retrofitted meter as an electric energy or natural gas meter or metering device that has been modified by the addition of such equipment.