Airport Development Acceleration Act

Airport Development Acceleration Act - Expands on the definition of 'airport development' under the Airport and Airway Development Act of 1970 to include the acquisition, improvement, or repair of safety equipment required by rule or regulation for certification of the airport under the Federal Aviation Act of 1958, and security equipment required of the sponsor by rule or regulation of the Federal Aviation Administration for the safety and security of persons and property on the airport.

Authorizes the Secretary of Transportation to make grants for airport development totaling $312,500,000 for each of the fiscal years 1974 and 1975. Authorizes the Secretary to make grants for the purpose of developing airports serving segments of aviation other than air carriers certificated by the Civil Aeronautics Board totaling $37,500,000 for each of the fiscal years 1974 and 1975.

Increases the total obligational authority of the Secretary to make grants for airport development to $1,540,000,000. States that such obligations shall not be liquidated in an aggregate amount exceeding $1,190,000,000 prior to June 30, 1974, and an aggregate amount exceeding $1,540,000,000 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) 50 percent for sponsors whose airports enplane not less than 1.00 percent of the total annual passengers enplaned by air carriers certificated by the Board; and (2) 75 percent for sponsors whose airports enplane less than 1.00 percent of such passengers. Provides that the Federal share of project costs related to the security of persons and property on the airport shall be 82 percent of the allowable costs.

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.

Specifies States and local taxes which are permitted under this Act.