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; (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 services; and (4) senior citizens who have retired, young people who have not yet entered the job market, and the handicapped should not be denied access to air transportation, but such a denial occurs unless a reduction in fare is authorized for such persons consistent with their lower-than-average incomes.

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.

Stipulates that any air carrier or foreign air carrier, under such terms and conditions as the Board may prescribe, may grant reduced rate transportation to families and to handicapped persons and may grant reduced rate transportation on a space-available basis to religious ministers and to persons who are sixty-five years of age or older or twenty-one years of age or younger.

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