Wallowa Lake Dam Rehabilitation and Water Management Act of 2001

Wallowa Lake Dam Rehabilitation and Water Management Act of 2001 - Authorizes the Secretary of the Interior, acting through the Commissioner of Reclamation: (1) in cooperation with the Associated Ditch Companies, Incorporated, to participate in the Wallowa Lake Dam Rehabilitation Program; and (2) in cooperation with tribal, State, and local governmental entities, to participate in the planning, design, and construction of facilities needed to implement the Wallowa Valley Water Management Plan.

Limits the Federal share of the cost of activities authorized under this Act to 80 percent. Prohibits from being credited against the Federal share of such costs: (1) any expenditure by the Bonneville Power Administration in the Wallowa River watershed; and (2) expenditures made by individual farmers in any Federal farm or conservation program.

Prohibits the Federal Government from holding title to or being responsible for the operation and maintenance of any facility rehabilitated or constructed under this Act. Permits only the Nez Perce Tribe to own and operate any facility located at the Dam for trapping and transportation of migratory adult salmon.

Authorizes appropriations for the Federal cost share of the activities authorized under this Act.