Foundational and Corporate Charitable Giving Incentives Act of 2001

Foundational and Corporate Charitable Giving Incentives Act of 2001 - Amends the Internal Revenue Code of 1986 to: (1) repeal the excise tax on the investment income of tax-exempt foundations; (2) increase the basis of each shareholder's stock in an S corporation by the amount of the excess of deductions for charitable contributions over the basis of the property contributed; and (3) increase from ten to 25 percent the percentage limitation placed upon corporate charitable giving.