House & Senate Pass Bill to Extend Funding for Airport Trust Fund
On March 29, 2011, both the House and Senate passed the Airport and Airway Extension Act of 2011 (H.R. 1079), a bill to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund (and associated excise taxes) and to amend title 49, United States Code, to extend the airport improvement program.
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(The excise taxes that fund the Airport and Airway Trust Fund include a tax on air cargo (freight) transportation of 6.25% of the amount charged for domestic transportation; no tax is imposed on international cargo transportation. This tax applies only to transportation that both begins and ends in the U.S.)
(See ITT’s Online Archives or 03/17/11 news, 11031701, for BP summary of House Transportation and Infrastructure Committee’s approval of H.R. 1079.)