Airport and Airway Trust Fund Tax Reinstatement Act of 1997

Airport and Airway Trust Fund Tax Reinstatement Act of 1997 - Amends the Internal Revenue Code to restore the Airport and Airway Trust Fund excise taxes. Extends authority to transfer revenue to such Fund.

(Sec. 3) Reduces by 4.3 cents the excise tax rate on various transportation motor fuels. Prohibits the taxation on any sale or use of compressed natural gas beginning six days after enactment of this Act until October 1, 1997.

(Sec. 4) Sets forth the procedure for filing a claim for a credit or refund for any such tax imposed on any liquid prior to the seventh day after enactment of this Act.

(Sec. 5) Imposes a floor stocks tax of 4.3 cents per gallon on any liquid on which such fuel tax was imposed before October 1, 1997, and which is held on such date by any person. Sets forth provisions on method of payment and exceptions to such tax.

(Sec. 6) Expresses the sense of the Congress that consumers receive the benefit of such excise tax reduction and that transportation motor fuels producers and dealers take necessary action to reduce fuel prices to reflect such tax reduction. Directs the Comptroller General to study and report to the Congress on whether there has been a pass through to consumers because of such fuel tax reduction.