To permit certain air carriers to immediately utilize accumulated net operating losses.

Permits qualified air carriers that make an election in a taxable year with respect to any portion of their net operating loss carryforwards to apply such a carryforward against any tax imposed upon such carrier on the date its return is filed, or the date such election is made. Limits such tax credit to the lesser of a certain percentage of such portion or the carrier's aggregate transportation excise taxes deposited during calendar 1992.