H.R. 3539 would amend the Internal Revenue Code of 1986 to extend financing for the Airport and Airway Trust Fund.
Detailed 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.
Status of the Legislation
Latest Major Action: 3/10/2008: House committee/subcommittee actions. Status: On September 29, 2007, House Agreement to H.Res. 664 added text similar H.R. 3539 to H.R. 2881, The FAA Reauthourization Act of 2007..
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