Airport Development Acceleration Act

Airport Development Acceleration Act - Expands the definition of "airport development" under the Airport and Airway Development Act of 1970 to include security equipment required by the Secretary of Transportation for the safety and security of persons and property on the airport.

Increases the total obligational authority of the Secretary to make grants for airport development to $1,400,000,000.

States that such obligations shall not be liquidated in an aggregate amount exceeding $1,120,000,000 prior to June 30, 1974, and an aggregate amount exceeding $1,400,000,000 prior to June 30, 1975.

Provides that the Federal share of allowable project costs incurred under the Airport and Airway Development Act of 1970 shall be: (1) fifty percent for sponsors whose airports enplane not less than 1 percent of the total annual passengers enplaned by air carriers certificated by the Board; and (2) seventy-five percent for sponsors whose airports enplane less than 1 percent of such passengers.

Provides that to the extent that the project cost of an approved project for airport development represents the cost of safety equipment required under the Federal Aviation Act of 1958 the United States share shall be 82 percent of the allowable cost thereof with respect to airport development project grant agreements entered into after May 10, 1971.

States that, to the extent that the project cost of an approved project for airport development represents the cost of security equipment required by the Secretary by rule or regulation, the United States share shall be 82 percent of the allowable cost thereof with respect to airport development project grant agreements entered into after September 28, 1971.

Extends until May 21, 1973, the due date for the Secretary's national airport system plan.

Provides that no State shall levy or collect a tax, fee, head charge, or other charge, directly or indirectly, on persons traveling in air transportation or on the carriage of persons in air transportation, or on the gross receipts derived therefrom.