Make It in America Tax Credit Act of 2011 - Amends the Internal Revenue Code to expand the qualifying advanced energy project credit by allocating $5 billion of grants or tax credit amounts in 2011 to manufacturers in the United States of goods and components that are used in alternative energy projects (other than for assembly of components). Limits the credit percentage with respect to such allocation amount to not more than 30%.
Makes a qualifying biobased product eligible for the qualifying advanced energy project tax credit. Defines "qualifying biobased product" as a product that may be used as a petrochemical alternative and that has a biobased content of not less than 25 % or the minimum content level as established under the Farm Security and Rural Investment Act of 2002.
Renames the Qualifying Advanced Energy Project Credit as the Make It in America Credit.