A bill to amend the Internal Revenue Code to provide for airline passenger consumer protection.

Amends the Internal Revenue Code to permit air carriers who honor tickets of passengers holding tickets on a bankrupt scheduled air carrier to take a credit against the excise tax paid on air transportation in an amount necessary to reimburse the air carrier for honoring such tickets. Limits the amount of the credit to the amount that the carrier would have received if it had charged that passenger for transporting on a standby or space-available basis.