Faith-Based and Community Initiatives bill

The Savings Opportunity and Charitable Giving Act of 2001 - Amends the Internal Revenue Code to permit any qualified financial institution, qualified nonprofit organization, or Indian tribe to establish one or more qualified individual development account programs. Defines such an account as an account established for an eligible individual as part of a qualified individual development account program. Sets forth provisions concerning such accounts, including: (1) the structure and administration of account programs; (2) procedures for opening and maintaining an account and qualifying for matching funds; (3) withdrawal procedures; and (4) disregarding account funds for purposes of certain means-tested Federal programs.

Permits non-itemizers to deduct a portion of their charitable contributions.

Prohibits, in general, including in gross income distributions from individual retirement accounts for charitable purposes.

Sets forth a rule for determining the amount of the deduction allowable for a charitable contribution of food inventory.