Aircraft Noise Reduction Act

Aircraft Noise Reduction Act - Amends the Federal Aviation Act of 1958 to direct the Civil Aeronautics Board, upon petition, to establish a program to supplement air carrier revenues for the full financing of the modification or the partial financing of the replacement of subsonic turbojet-powered aircraft in order to reduce aircraft noise in accordance with standards specified in such Act. Empowers the Board to establish a noise reduction surcharge on amounts paid to domestic air carriers for the carriage of persons or property, to place such moneys in a trust fund, and to distribute such revenues to domestic air carriers for expenses incurred in the replacement or modification of airplanes for the purpose of reducing aircraft noise.

Amends the Airport and Airway Development Act to authorize the Secretary of Transportation to make grants to any person (other than foreign air carriers) engaged in air transportation for compensation to assist in the financing of modifications for specified types of turbojet-powered airplanes in order to enable such aircraft to comply with certain noise standards. Authorizes the Secretary to incur obligations in an aggregate amount of up to $300,000,000 to finance such grants.