Noisy Aircraft Revenue and Credit Act

(Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1082)

Noisy Aircraft Revenue and Credit Act - Replaces, for a five-year period, two percent of the respective excise taxes on air transportation of persons (presently eight percent), and property (presently five percent) with an additional, separately stated two percent tax on consumers pertaining to the retrofitting and replacement of noisy aircraft equipment. Suspends the $3 tax on international facilities for the same period, replacing it with a tax for noisy aircraft that is $2 if less than $100 is paid by the consumer, $10 if more than $100 is spent.

Allows airliners which replace or remodel noisy aircraft in order to conform to Federal Aviation Administration (FAA) noise regulations to recover some of their costs through refunds or credits of new excise taxes. Allows refunds or credits ranging from 50 to 90 percent of the cost of retrofit property, 75 percent of the cost of replacement engines, and 25 or 40 percent of the cost of replacement aircraft, depending on which noise standards are met by the new aircraft.

Directs the Secretary of the Treasury to issue regulations on these matters. Defines the types of equipment and standards qualifying for the credits and refunds of this Act.

Amends the Airport and Airway Revenue Act of 1970 to stipulate that before any expenditure may be made from the trust fund, the Secretary of Transportation acting through the FAA is to consult, at least 75 days before every fiscal year, with the National Transportation Safety Board concerning cases of unsafe operating conditions at airports and in the airways. Requires the annual publication of such cases in the Federal Register.