Educational Excellence for All Learners Act of 2001

Educational Excellence for All Learners Act of 2001 - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to revise and reauthorize certain ESEA programs.

School Improvement Accountability Act - Revises ESEA title I programs for helping disadvantaged schoolchildren, with respect to: (1) reservations of funds for schools identified for corrective action or improvement; (2) accountability for yearly progress under State plans, assessments, and improvement aid; and (3) financial incentives for comprehensive school reform. Revises teacher professional development programs to require: (1) State plans to include goals for increasing numbers of fully qualified teachers; and (2) local educational agencies (LEA) to notify parents of their right to information about teacher qualifications. Revises innovative education programs to add requirements for State plans, sanctions, reports, standards, and assessment enhancements.

Requires performance objectives for States and LEAs receiving funds for programs to assist limited English proficiency students. Directs the Secretary to make: (1) grants to States for annual State, LEA, and school report cards on elementary and secondary educational quality; and (2) awards to States for high performance in education.

Extends the authorization of appropriations for ESEA title I programs for helping disadvantaged schoolchildren. Directs the Secretary annually to review how such funds are allocated to ensure that LEAs with the highest need are receiving funds in proportion to that need as compared to other LEAs.

Establishes the Opportunities to Improve Our Nation's Schools (OPTIONS) program, under which the Secretary may make grants to States and LEAs to support programs that promote innovative approaches to high-quality public school choice.

Sets forth parental involvement requirements for State plans for improving basic programs operated by LEAs. Establishes a program for Parental Assistance and Child Opportunity (which replaces current provisions relating to programs for children and youth who are neglected, delinquent, or at-risk of dropping out). Authorizes the Secretary, under such program, to make: (1) grants to nonprofit organizations, and such organizations in consortia with LEAs, to establish school-linked or school-based parental information and resource centers; and (2) grants to and contracts with local nonprofit parent organizations to support local family information centers to help ensure that parents of students in schools assisted under State plans for improving basic programs have training, information, and support they need to participate effectively in helping their children to meet challenging State standards.

Revises, and reauthorizes appropriations for, ESEA title II teacher quality under professional development programs. Renames and revises such programs to emphasize provision of a qualified teacher in every classroom. Authorizes the Secretary to make: (1) grant allotments to States for State- and local-level teacher professional development, mentoring, and recruitment activities, including subgrants to LEAs, recruiting partnerships using teacher corps programs, and partnerships of higher education institutions and LEAs; and (2) grants to and contracts with various entities for national activities for the improvement of teaching and school leadership, including the Eisenhower National Clearinghouse for Mathematics and Science Education, Transition-to-Teaching programs, Hometown Teacher programs, and Early Childhood Educator Professional Development. Establishes a program of grants for school renovation. Directs SEAs to reserve certain amounts for grants to LEAs for repair and renovation and for technology and activities under the Individuals with Disabilities Education Act (IDEA).

Amends the Department of Education Appropriations Act, 2001 to revise the authorization of appropriations for a charter school credit enhancement initiative program.

America's Better Classrooms Act of 2001 - Amends the Internal Revenue Code (IRC) to establish a limited tax credit for: (1) qualified public school modernization bonds (construction and zone academy bonds); and (2) qualified tribal school modernization bonds. Amends the Workforce Investment Act of 1998 to establish provisions concerning employment and training activities related to the construction or reconstruction of public school facilities.

Reauthorizes appropriations for the 21st Century Community Learning Centers program under ESEA.

Establishes an ESEA program of grants for class size reduction.

Reading Excellence Act - Revises, renames, and reauthorizes appropriations for certain reading excellence programs under ESEA.

Repeals ESEA provisions for tutorial assistance grants.

Training for Technology Act of 2001 - Revises ESEA title III technology for education provisions. Requires local applications for school technology resource grants to demonstrate how LEAs will use portions of such funds for in-service teacher training. Establishes a program authorizing the Secretary, through the Office of Educational Technology, to award grants, contracts, or cooperative agreements to eligible consortia for developing or redesigning teacher preparation programs to enable prospective teachers to use technology effectively in their classrooms. Allows technology-specific professional development grant funds to be used to provide incentives, including bonus payments, to teachers who achieve certain technology standards or information-technology certification.

Makes appropriations for FY 2002 for assistance for education of all children with disabilities (part B of IDEA). Expresses the sense of the Senate regarding full funding of IDEA.

Expresses the sense of the Senate that the maximum Pell grant should be increased under the Higher Education Act of 1965. Establishes an IRC tax deduction for higher education expenses.