Instant Check Gun Tax Repeal and Gun Owner Privacy Act of 2001 - Amends the Federal judicial code to prohibit a Federal, State, or local officer or employee acting on behalf of the United States from charging or collecting any fee for a required background check in connection with the transfer of a firearm. Amends the Federal criminal code to prohibit any such individual from: (1) performing a national instant criminal background check through the system established pursuant to the Brady Handgun Violence Prevention Act if that system does not require and result in the immediate destruction o f all information about the person who is determined not to be prohibited by Federal or State law from receiving a firearm (with an exception); or (2) continuing to operate the system unless specified conditions are met.
Establishes a private cause of action for violations of this Act.