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![handle is hein.usccsset/usconset50006 and id is 1 raw text is: AUTHENTICATED
U.S. GOVERNMENT
INFORMATION
Gp
Calendar No. 10
112TH CONGRESS REPORT
1st Session SENATE 112-1
AIRPORT AND AIRWAY TRUST FUND REAUTHORIZATION
ACT OF 2011
FEBRUARY 14, 2011.-Ordered to be printed
Mr. BAUCUS, from the Committee on Finance,
submitted the following
REPORT
[To accompany S. 340]
The Committee on Finance, having considered an original bill to
amend the Internal Revenue Code of 1986 to extend the funding
and expenditure authority of the Airport and Airway Trust Fund,
and for other purposes, reports favorably thereon and recommends
that the bill do pass.
CONTENTS
Page
I. LEGISLATIVE BACKGROUND ..................................................................... 2
II. EXPLANATION OF THE BILL ..................................................................... 2
A. Extension of Taxes Funding the Airport and Airway Trust Fund
(sec. 2 of the bill and secs. 4081, 4261, and 4271 of the Code) ...... 2
B. Extension of Airport and Airway Trust Fund Expenditure Author-
ity (sec. 3 of the bill and sec. 9502 of the Code) ............................. 3
C. Modification of Excise Tax on Kerosene Used in Aviation (sec.
4 of the bill and secs. 4081, 4082, 6427, 9502, and 9503 of
th e C ode) ............................................................................................ . 5
D. Air Traffic Control System Modernization Account (sec. 5 of the
bill, and sec. 9502 of the Code) ........................................................ 8
E. Treatment of Fractional Ownership Aircraft Programs (sec. 6 of
the bill and new sec. 4043 of the Code) ............................................ 9
F. Termination of Exemption For Small Jet Aircraft on Nonestab-
lished Lines (sec. 7 of the bill and sec. 4281 of the Code) .............. 10
G. Transparency in Passenger Tax Disclosures (sec. 8 of the bill
and sec. 7275 of the Code) ................................................................. 11
H. Tax-Exempt Private Activity Bond Financing for Fixed-Wing
Emergency Medical Aircraft (sec. 9 of the bill and sec. 147(e)
of th e C ode) ......................................................................................... 12
I. Protection of Airport and Airway Trust Fund Solvency (sec. 10
of the bill and sec. 9502 of the Code) ............................................... 13
III. BUDGET EFFECTS OF THE BILL ............................................................... 13
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