A bill to amend the Internal Revenue Code of 1954 to reduce for a 5-year period the taxes on transportation of persons and property by air.

Amends the Internal Revenue Code to reduce the general excise tax rate on air transportation of persons in the United States, during the period from October 2, 1979, through June 30, 1980, from eight percent to six percent.

Reduces the general excise tax rate on air transportation of property, during such period from five percent to three percent.