110-H.R.3539

To amend the Internal Revenue Code of 1986 to extend financing for the Airport and Airway Trust Fund, and for other purposes.

9/19/2007--Reported to House amended, Part I.    (There is 1 other summary)

Airport and Airway Trust Fund Financing Act of 2007 - Amends the Internal Revenue Code to (1) impose an excise tax on aviation-grade kerosene of 35.9 cents per gallon (4.3 cents per gallon for commercial aviation uses); (2) increase to 24.1 cents per gallon the tax rate for aviation gasoline; and (3) extend through FY2011 the excise tax on the transportation by air of persons and property and the excise tax on aviation gasoline and aviation-grade kerosene.

Extends through FY2011 the expenditure authority for the Airport and Airway Trust Fund.

Dedicates revenues from the taxes imposed on aviation gasoline and aviation-grade kerosene to carry out air traffic control modernization.

View comments | (Close Window)