Airport and Airway Trust Fund Reauthorization Act of 2011

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Airport and Airway Trust Fund Reauthorization Act of 2011 - (Sec. 2) Amends the Internal Revenue Code, with respect to excise taxes dedicated to the Airport and Airway Trust Fund, to extend through September 30, 2013, increased excise taxes on aviation fuels, the excise tax on air transportation of persons and property, and the expenditure authority for the Trust Fund.

(Sec. 4) Imposes a new excise tax on aviation-grade kerosene of 35.9 cents per gallon, to be credited to the Airport and Airway Trust Fund. Lowers such tax rate to 4.3 cents per gallon for aviation-grade kerosene that is removed from any refinery or terminal directly into the fuel tank of an aircraft for use in commercial aviation. Exempts from such tax aviation-grade kerosene removed into an aircraft and for certain uses for which a tax credit or refund is allowable. Imposes a floor stocks tax on aviation-grade kerosene fuel not exceeding 2,000 gallons, that is held on April 1, 2011, by any person.

(Sec. 5) Establishes in the Airport and Airway Trust Fund the Air Traffic Control System Modernization Account. Requires the Secretary of the Treasury to transfer on October 1, 2011, and annually thereafter, amounts attributable to the excise tax on aviation-grade kerosene to the Air Traffic Control System Modernization Account. Authorizes expenditures from such Account for the modernization of the air traffic control system.

(Sec. 6) Imposes an excise tax on aircraft fuel that is registered in the United States and is part of a fractional ownership aircraft program. Sets the rate of such tax at 14.1 cents per gallon. Defines "fractional ownership aircraft program" for purposes of such tax. Terminates such tax after September 30, 2013.

(Sec. 7) Terminates the exemption from air transportation excise taxes for turbine engine powered aircraft (jet aircraft) operate on nonestablished lines.

(Sec. 8) Prohibits the inclusion of amounts not attributable to air transportation excise taxes in required disclosures of passenger taxes on tickets.

(Sec. 9) Allows tax-exempt private activity bond financing for fixed-wing aircraft equipped for, and exclusively dedicated to providing, acute care emergency medical services.

(Sec. 10) Limits expenditures from the the Airport and Airway Trust Fund in FY2012 or FY2013 to 90% of the receipts of such Fund, plus interest credited to such Fund.