Nuclear Renewal Act of 2001

Nuclear Renewal Act of 2001 - Amends the Internal Revenue Code provide limited business tax credits for qualified nuclear power facilities and facility upgrades through tax year 2011. Extends such credit to certain tax exempt public utilities and the Tennessee Valley Authority.

Classifies property used in the generation of electricity (property used in any qualified nuclear power facility or facility upgrade) as seven-year depreciable property (with a ten-year class life for alternative depreciation purposes).