Teacher Relief Act of 2001

Teacher Relief Act of 2001- Amends the Internal Revenue Code to: (1) allow a deduction of up to $500 annually for qualified professional development expenses to an individual who is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide in an elementary or secondary school for at least 900 hours during a school year; and (2) allow a credit of up to $250 annually to such an individual who provides qualified classroom materials.