Airport and Airway Extension Act of 2011, Part III

[AI summary unavailable — showing source text] Airport and Airway Extension Act of 2011, Part III - Amends the Internal Revenue Code to extend through July 22, 2011, increased excise taxes on aviation fuels, the excise tax on air transportation of persons and property, and the expenditure authority for the Airport and Airway Trust Fund. Increases the authorization of appropriations for the period beginning on October 1, 2010, and ending on July 22, 2011, for airport planning and development and noise compatibility planning projects (known as airport improvement projects [AIPs]). Extends through July 22, 2011, the authority of the Secretary of Transportation to make new AIP grants. Extends until July 23, 2011: (1) the pilot program for passenger facility fee authorizations at non-hub airports, and (2) disclosure requirements for large and medium hub airports applying for AIP grants. Directs the Secretary to extend through July 22, 2011, the termination date of insurance coverage for domestic or foreign-flag aircraft. Grants the Secretary discretionary authority to further extend such coverage through October 31, 2011. Extends through October 31, 2011, the authority of the Secretary to limit air carrier liability for claims arisi…