A bill to ensure equitable treatment of aviation users and to ensure development of the airport and airway system.

Title I: Budgetary Treatment of Airport and Airway Trust Fund - Prohibits the receipts and disbursements of the Airport and Airway Trust Fund which are allocable to the transportation-related operations of such Fund from being included in either the Federal budget as submitted by the President, or in the congressional budget.

Exempts such Trust Fund from any general statutory budget limitation.

Amends the Airport and Airway Improvement Act of 1982 to require the Secretary of Transportation (the Secretary) to estimate: (1) the amount of unfunded aviation authorizations at the close of the next fiscal year; and (2) the net aviation receipts for the 24-month period beginning at the close of such fiscal year. Prescribes adjustment procedures for certain unfunded aviation authorizations, and for aviation apportionments. Requires the Secretary to report such estimates to specified congressional committees.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to exempt specified Airport and Airway Trust Fund activities from any sequestration order issued under a certain section of the Act.

Amends the Congressional Budget and Impoundment Control Act of 1974 to prohibit the Congress from considering specified changes to the Airport and Airway Trust Fund.

Title II: Reduction in Aviation-Related Taxes - Amends the Internal Revenue Code to provide for reduced specified aviation-related taxes, including the tax on noncommercial aviation gasoline. Requires the Secretary to determine annually and to publish in the Federal Register: (1) the unobligated balance of the Airport and Airway Trust Fund; and (2) certain obligations and appropriations. Limits such tax reductions to certain years when obligations of and the unobligated balance in the Trust Fund meet specified criteria.