Airport and Airway Revenue Amendments of 1981

Airport and Airway Revenue Amendments of 1981 - Amends the Internal Revenue Code to revise the rate of tax imposed on fuel used in noncommercial aviation. Extends such tax to October 1, 1985.

Reduces the airline ticket tax for individual travel from eight to three percent and the tax on the transportation of property from five to two percent. Extends the latter tax to September 30, 1985. Reinstates, and increases the rate of, the tax on the use of international travel facilities.

Extends, to October 1, 1985, the tax on the taxable use of civil aircraft in commercial aviation.

Amends the Airport and Airway Revenue Act of 1970 to continue the transfers of such taxes to the Airport and Airway Trust Fund until October 1, 1985. Extends, to such date, the availability of Trust Fund assets for specified expenditures.