House Ways and Means Committee Chairman Kevin Brady (R-TX) and Transportation and Infrastructure Committee Chairman Bill Shuster (R-PA) today introduced H.R. 4721—a bill to extend the authorization of Federal Aviation Administration (FAA) programs through July 15, 2016. The bill also would extend through March 31, 2017, certain taxes and tax rates that are dedicated to the airport and airway trust fund.
For example, H.R. 4721 [PDF 48 KB] would extend:
A Ways and Means Committee press release explains that:
H.R. 4721, the Airport and Airway Extension Act of 2016, is a clean extension of FAA programs and the Airport and Airway Trust Fund collection authority. Without an extension, the authority to collect aviation taxes will lapse, and the Airport and Airway Trust Fund will be deprived of more than $30 million per day, funding which is for air traffic control, airport development, and other aviation programs. In addition, airports will be unable to receive grant money that’s already been awarded to them, putting dozens of construction projects across the country at risk of delay, cost overrun, or cancellation. H.R. 4721 avoids these unnecessary consequences as Congress works to finalize a long-term aviation bill.
The airport and airway trust fund taxes that would be extended by the bill currently are scheduled to expire March 31, 2016. The Ways and Means Committee has not yet announced when it will meet to mark up the extension legislation.
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.