America's Better Classrooms Act of 2001

America's Better Classrooms Act of 2001 - Amends the Internal Revenue Code (IRC) to establish a limited tax credit for qualified public school modernization bonds (construction and zone academy bonds). Repeals a restriction on zone academy bond holders.

Amends the General Education Provisions Act to apply certain labor standards on construction projects financed under such public school modernization bond program under this Act and specified zone academy bond provisions under the Taxpayer Relief Act of 1997.

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.

Directs the Secretary of the Interior to establish a pilot program under which eligible Indian tribes have the authority to issue qualified tribal school modernization bonds to provide funding for the construction, rehabilitation, or repair of tribal schools, including advance planning and design.

Amends the IRC to establish a limited tax credit for qualified tribal school modernization bonds.