A bill to amend the Internal Revenue Code of 1954 to allow individuals an income tax credit for certain aircraft noise insulation expenditures.

Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for 40 percent of their expenditures for qualified aircraft noise insulation. Limits the credit to $4,000 in a taxable year.

Defines "qualified aircraft noise insulation expenditures" as any expenditure made after December 31, 1981, for aircraft noise insulation installed in the taxpayer's principal residence, provided its installation was substantially completed before the date of the enactment of this Act. Requires that the residence be located in an area designated by the Secretary of the Treasury to be an area where aircraft noise is a significant annoyance.