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 the following: (1) any work involved in constructing, improving, or repairing a public airport or portion thereof, including the construction, alteration, repair, or acquisition of airport passenger terminal buildings or facilities and other airport administrative buildings; (2) the removal, lowering, relocation, marketing, and lighting of airport hazards; (3) the acquisition, removal, improvement, or repair of navigation aids used by aircraft landing at, or taking off from, a public airport; (4) 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; (5) security equipment required of the sponsor by rule or regulation for the safety and security of persons and property on the airport; and (6) any acquisition of land or of any interest in airspace which is necessary to permit any such work to remove or mitigate or prevent or limit the establishment of airport hazards.

Authorizes the Secretary of Transportation to make grants for airport development totaling $375,000,000 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 certified by the Civil Aeronautics Board totaling $45,000,000 for each of the fiscal years 1974 and 1975.

Increases the total obligational authority of the Secretary to make grants for airport development to $1,680,000,000. States that such obligations shall not be liquidated in an aggregate amount exceeding $1,260,000,000 prior to June 30, 1974, and an aggregate amount exceeding $1,680,000,000 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 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 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 with respect to grants entered into after May 10, 1971.

States that such grant agreements must have been entered into after publication in the Federal Register of notices of proposed rulemaking with respect to airport security. (Amends 49 U.S.C. 1711, 1714 (a)(b), 1716(c), 1717, 1720(b)) (Adds 49 U.S.C. 1513)

Provides that the Federal share of the project cost related to the construction, alteration, repair, or acquisition of passenger and baggage facilities shall be 50 percent of the allowable costs.