Airport and Airway Improvement Act Amendments of 1987

Airport and Airway Improvement Act Amendments of 1987 - Amends the Airport and Airway Improvement Act of 1982 to direct the Secretary of Transportation to take into account tall structures which reduce safety or airport capacity when reviewing the national plan of integrated airport systems. Requires the Secretary to make a reasonable effort to address air cargo operations needs, STOL/VSTOL, and certain rotary wing aircraft operations.

Requires the Administrator of the Federal Aviation Administration, when reviewing and revising the national airways system plan, to include therein: (1) a ten-year planning horizon in addition to the current statutory ten-year period; and (2) a 20-year airspace needs component that addresses the airspace requirements for all aircraft (including military).

Authorizes the Secretary to make grants from the Airport and Airway Trust Fund for airport development and planning by project grants. Specifies the amount which shall be available for such grants for FY 1988 through 1992.

Extends from 1987 to 1992 the Secretary's obligational authority to make grants for the airway improvement program. Declares that authorized funds not appropriated for facilities and equipment shall be considered additional authorization under the airport improvement program in the following fiscal year. Authorizes appropriations for FY 1987 through 1992.

Decreases from 50 percent to 45 percent of the amount authorized to be obligated for a fiscal year the total amount of all apportionments.

Decreases by five percent the total amount of all apportionments for any fiscal year for primary airports. Extends from FY 1986 to 1991 the period in which apportionments shall be made to the States. Decreases the apportionment formula for the States for airports other than primary airports. Permits the States to use such funds for reliever airports.

Directs the Secretary, when making discretionary fund grants, to consider airports operating at (or projected to reach) critical capacity in the near future and to give priority to those programs which address the critical capacity issues.

Mandates that a certain percentage of certain apportioned and discretionary funds be credited to the Airport Expansion Land Acquisition Account (established by this Act.)

Revises project eligibility to include specific pavement preservation projects clearly intended to preserve existing airport facilities and ground access improvement projects. Extends from FY 1986 to 1991 the authorization of appropriations for explosive detection K-9 teams.

Requires the Secretary and the Secretary of Defense to: (1) jointly conduct a national review of the need and utilization of special use airspace (in order to determine its impact upon civil aviation operations); and (2) report such review results to the Congress within 18 months after enactment of this Act.

Sets forth procedural guidelines under which the Federal Aviation Administration and the Federal Communications Commission shall coordinate their actions regarding broadcast tower license applications and obstruction evaluations.

Sets forth guidelines for: (1) the Federal share of airport construction costs upon application of the project sponsor; and (2) land acquisition in anticipation of future airport construction or expansion. Establishes the Airport Expansion Land Acquisition Account in the Airport and Airway Trust Fund. Authorizes appropriations from such account for FY 1988 through 1992.

Amends the Internal Revenue Code to extend from 1987 to 1993: (1) the imposition of certain aviation-related excise taxes; and (2) certain appropriations and expenditures regarding the Airport and Airway Trust Fund.