Summary
The Airport and Airway Trust Fund was established on the books of Treasury in fiscal year 1971, according to provisions of the Airport and Airway Revenue Act of 1970. The Tax Equity and Fiscal Responsibility Act of 1982 reestablished the trust fund in the Internal Revenue Code effective Sep 1, 1982. Treasury transfers from the general fund to the trust fund amounts equivalent to the taxes received from transportation of persons and property by air, gasoline and jet fuel used in commercial and noncommercial aircraft, and an international arrival and departure tax. Results of operations for fiscal year 2004 and expected condition and results of operations for fiscal years 2005-2009, are presented.
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Extract
Introduction: Airport and Airway Trust Fund
The Airport and Airway Trust Fund was established on the books of Treasury in fiscal year 1971. according to provisions of the Airport and Airway Revenue Act of 1970 [49 United Sta...
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