Education Savings and School Excellence Act of 2001

[AI summary unavailable — showing source text] Education Savings and School Excellence Act of 2001 - Amends the Internal Revenue Code with respect to education individual retirement accounts (education IRAs) to: (1) increase maximum annual contribution limits to $2,000 per beneficiary; (2) permit tax-free expenditures for qualified elementary and secondary education expenses at a public, private, or religious school; (3) waive age limitations for contributions on behalf of a special needs beneficiary; (4) limit contribution reductions based on adjusted gross income to individual contributors (permits entity contributions regardless of income); (5) permit annual contributions to be made up to such year's tax filing date (not including extensions); (6) exempt excess contributions from the additional ten percent tax provided such contribution and interest earned are returned within six months after the end of the tax year for which the contribution was made; and (7) coordinate education IRA distributions with the HOPE and Lifetime Earning Credit qualified tuition programs. Collegiate Learning and Student Savings (CLASS) Act - Permits private higher educational institutions, in addition to currently permitted State institutions, to…