Low-Cost Air Transportation Act

Low-Cost Air Transportation Act - Declares the sense of Congress, including that: (1) scheduled air carrier services are becoming increasingly costly and financially prohibitive for millions of Americans who want to travel by air; (2) the promotion, development, and removal of impediments to charter or nonscheduled air carrier services is in the public interest; and (3) the Civil Aeronautics Board has failed consistently to provide for responsible regulation of such services consistent with the need to encourage and develop such service.

Requires the Civil Aeronautics Board to issue regulations, defining the full scope of the activities in air commerce which are permitted to be engaged in by persons who have not been authorized to engage in air transportation within the meaning of the Federal Aviation Act of 1958 but who are: (1) air travel clubs which operate aircraft and which are engaged in the carriage of persons who pay an assessment, dues, membership fees, or any similar type of remittance; or (2) commercial operators of aircraft who are engaged in the carriage of persons or property for compensation or hire.

Defines "inclusive tour charter trip" and "advance-booking charter trip".