Mike Levin: “Mr. Speaker, H.R. 3540 extends the financing and spending authority of the Airport and Airway trust fund. The trust fund…”

“Mr. Speaker, H.R. 3540 extends the financing and spending authority of the Airport and Airway trust fund. The trust fund taxes and spending authority are scheduled to expire on October 1, 2007. H.R. 3540 extends these taxes at current rates for 3 months. H.R. 3540 was unanimously reported out of the Ways and Means Committee with bipartisan support. This bill will keep the Airport and Airway trust fund taxes and operations in place until the long-term FAA Reauthorization Act is signed into law. H.R. 3540 would extend, through the end of calendar year 2007, the existing taxes that are dedicated to the Airport and Airway Trust Fund and are set to expire on September 30, 2007. The Joint Committee on Taxation (JCT) estimates that enacting H.R. 3540 would have no effect on revenues relative to the current baseline projection for taxes dedicated to the trust fund. The bill also would extend, through the end of calendar year 2007, the authority to expend amounts from the trust fund (including interest) for major programs administered by the Federal Aviation Administration (FAA).”