National Improvement in Mathematics and Science Teaching Act of 2001 - Amends the Elementary and Secondary Education Act of 1965 to establish various programs for improvement of science and mathematics education. Directs the Secretary of Education to: (1) make grants to States for improvement and recruitment of quality teachers in science and mathematics education; (2) make grants to States for professional development of mathematics and science teachers; (3) establish, in cooperation with the Director of the National Science Foundation, 15 John Glenn Academies, and make grants to such Academies for summer workshops for mathematics and science education teachers and for intensive, year-long fellowships for 3,000 individuals to prepare them to meet State certification requirements for teaching mathematics or science in grades seven through 12; (4) establish and operate a National Clearinghouse of Best Practices to coordinate successful and proven professional development opportunities for teachers, collect, and disseminate curricular materials, and undertake other activities to encourage teacher interest and involvement in professional development, particularly for mathematics and science teachers of grades seven through 12; (5) make grants to States to improve science and mathematics education, and encourage more students to enter the fields of mathematics, science, and technology; and (6) make grants to local educational agencies for subgrants to public elementary and secondary schools to promote both achievement equity and gender equity in mathematics and science education.
Amends the Internal Revenue Code to establish: (1) a tax credit for businesses that employ science, mathematics, and technology teachers in summer fellowships related to their fields of teaching; and (2) a fair market value tax deduction for charitable contributions of science, mathematics, or technology equipment to public elementary and secondary schools.