Economic Security and Recovery Act of 2001

Economic Security and Recovery Act of 2001 - Amends the Internal Revenue Code to allow an additional first year 20 percent depreciation allowance for property which has a recovery period of 20 years or less, is water utility property, or computer software and which was acquired after September 10, 2001, and before September 11, 2004, and is placed in service before January 1, 2005.

Provides for a payroll tax holiday period for the period beginning after November 30, 2001, and ending before January 1, 2002.

Provides for a program of temporary emergency unemployment benefits.