Bright-Line Act of 2001

Amends the Internal Revenue Code to deny tax exempt status to an organization if: (1) a substantial part of the activities of such organization consists of carrying on propaganda, or otherwise attempting, to influence legislation, but only if such organization normally makes lobbying expenditures in excess of an amount equal to 20 percent of such organization's annual gross revenues; (2) the organization participates in, or intervenes in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office, but only if such organization normally makes expenditures for such purpose in excess of an amount equal to 5 percent of such organization's annual gross revenues; or (3) the aggregate of the expenditures described above in clause (1) and the expenditures described in clause (2) which such organization normally makes exceeds an amount equal to 20 percent of such organization's annual gross revenues.